FX.co ★ Daily analysis of USDX for January 05, 2017

USDX plunged in Wednesday's session and it's testing the support level of 102.55. However, the general structure is still choppy and one could expect another bearish leg towards the 102.08 level. In the alternative scenario, if we see a rebound at the current stage, the index is likely to resume the overall bullish bias to post new multi-year highs.

H1 chart's resistance levels: 102.82 / 103.13

H1 chart's support levels: 102.55 / 102.08

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 102.82, take profit is at 103.13 and stop loss is at 102.50.