The index is moving inside a sideways structure which remains well supported by the 200 SMA at H1 chart, as the bulls are waiting for further momentum in order to resume the trend, but ahead of New Year's eve, we cannot expect such volatile moves and the downside could be limited by the 102.56 demand zone, while to the upside, we're seeing a strong resistance around 103.98.
H1 chart's resistance levels: 103.98 / 104.69
H1 chart's support levels: 102.56 / 101.40
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 103.98, take profit is at 104.69 and stop loss is at 103.26.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2hJ9Eof
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