USDX Timeframe H1 
The movement of the US Dollar Index or #USDX on the H1 timeframe is still under significant bearish pressure after experiencing a sharp decline from late April to early May 2026. The price structure shows that the dollar briefly strengthened and reached a peak around 99.05, but failed to sustain that momentum, triggering a large sell-off that aggressively brought the price down below several key support areas. This sharp decline also changed the short-term trend structure to bearish, especially after the price started moving below the MA 100 and MA 200. From the moving average perspective, the current position of the price below the MA 100 and MA 200 indicates that selling pressure is still more dominant than buying interest. The MA 100, depicted by the blue line, has been moving downwards and is below the MA 200, indicating a weakening short-term momentum. Additionally, the MA 200, marked by the red line, is also starting to flatten and trend downwards, signaling that the bearish pressure is starting to affect the medium-term trend structure. The combination of these two moving averages reflects that the dollar is still in a weakening phase, although there have been signs of consolidation in recent sessions. Currently, the price is moving around the 97.99 area after previously touching a low near 97.60. The 97.60 area serves as a very important horizontal support because it is the recent low point that managed to trigger a temporary rebound. The buying reaction from this area indicates that buyers are still trying to maintain the psychological support zone below the 98.00 level. However, the bounce that occurred is relatively limited and not strong enough to change the overall trend direction. As long as the price remains below the MA 100 and MA 200, any upward movement is likely considered a correction within the bearish trend. The next horizontal support is at the 97.94 area, which is currently being tested by the market. This level serves as a significant short-term minor support to maintain price stability in the current consolidation phase. If this support fails to hold, the possibility of a decline towards the 97.60 area will be open again. Even if the selling pressure intensifies and the 97.60 support is breached, the dollar index may continue to weaken towards lower levels in the short term. On the resistance side, the 98.30 to 98.55 area acts as the main barrier for price recovery efforts. This zone is close to the position of the MA 100 and MA 200, making it a strong dynamic resistance. In several attempts to rise, the price has failed to break through this area and has experienced selling pressure again. This indicates that sellers are still maintaining market dominance. As long as this resistance is not validly breached, the potential for a bullish reversal remains relatively limited. The next resistance is at the 98.82 to 99.05 area, which previously was the peak of bullish movement before the sharp decline. This area has now turned into a major resistance that is crucial in determining a change in the overall trend direction. To confirm a trend change to bullish, the price needs to break above this resistance and move steadily above the MA 100 and MA 200. Without a strong breakout, the market is still likely to move in a bearish to sideways bias. The candlestick structure on the H1 chart also indicates a relatively high volatility in recent days. The sharp decline followed by a quick rebound reflects market uncertainty about the direction of the dollar movement. Although there have been some small bullish candles after touching the 97.60 support, buying pressure still appears weaker compared to the previous bearish momentum. This indicates that buyers have not fully taken control of the market. Furthermore, the price movement pattern forming lower highs and lower lows since late April further strengthens the indication of a short-term bearish trend. As long as this pattern persists, the tendency for a decline remains dominant. The current consolidation is likely just an adjustment phase before the market determines its next direction, whether to continue the decline or start building a new base for recovery. Overall, the technical analysis of #USDX on the H1 timeframe still shows bearish pressure with confirmation from the price position below the MA 100 and MA 200. The 97.94 and 97.60 support areas are crucial points to determine whether the dollar can withstand further selling pressure. Meanwhile, the 98.30 to 98.55 resistance zone is a key area that needs to be breached to open up stronger recovery opportunities. As long as the price remains below these two moving averages, the market bias remains bearish with the potential for relatively high volatility in the short term.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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