FX.co ★ Daily analysis of USDX for January 06, 2017

The index once again posted another bearish session during Thursday, as the support level of 101.39 is about to be broken in coming hours. If that happens, we can expect a bearish continuation towards the 100.79 zone and the current location of the 200 SMA on H1 chart is supporting that idea. However, if USDX makes a rebound at current levels, we can expect a slight rebound towards 101.79.

H1 chart's resistance levels: 101.79 / 102.35

H1 chart's support levels: 101.39 / 100.79

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 101.39, take profit is at 100.79 and stop loss is at 101.97.