FX.co ★ Daily analysis of USDX for December 07, 2016

USDX is currently doing a bearish consolidation below the 200 SMA on H1 chart and it remains supported by the 99.98 level. Overall moves are corrective in favor of the bullish bias, as the USDX was in extreme areas around 101.74. However, another corrective attempt could take place towards the 99.39 level. MACD indicator is reaching overbought conditions, which should enable the bearish scenario.

H1 chart's resistance levels: 100.68 / 101.74

H1 chart's support levels: 99.98 / 99.39

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 100.68, take profit is at 101.74 and stop loss is at 99.59.