FX.co ★ Daily analysis of USDX for January 11, 2017

USDX is still looking to recover from recent losses and it's likely that we could see a spike toward the 200 SMA at H1 chart around 102.30. If the index manages to break above that area, it's expected to see a rally to test the resistance level of 102.81. However, if we see a pullback at the current stage, we could expect further downside toward 101.39.

H1 chart's resistance levels: 102.29 / 102.81

H1 chart's support levels: 101.96 / 101.39

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 101.96, take profit is at 101.39 and stop loss is at 102.54.