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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDX for January 21, 2026.
Technical Analysis of USDX
USDX Daily Chart Insight
A significant bearish engulfing candle has formed most recently, wiping out the previous two days’ advances entirely. This indicates sellers have reasserted dominance at elevated price levels. The immediate resistance zone sits around 98.85 to 99.00, acting as the current upper boundary. Price recently found rejection at this level, which coincides with the intermediate-term moving average. The 97.80 support level warrants close monitoring by traders. With the bearish engulfing formation at resistance and oscillators beginning to turn downward, momentum appears to favor the downside for upcoming sessions. Any additional rejections at the moving averages deserve careful attention.
Key Levels: The immediate resistance zone sits around 98.85 to 99.00, aligning with the intermediate-term moving average where price was recently rejected. Major resistance at 99.70 to 99.80 contains the long-term moving average, and a breakout above this level would be needed to shift the bearish outlook, with the cycle high at 100.29 marking November’s peak. On the support side, immediate support near 97.80 represents a minor psychological level and previous consolidation area, while secondary support at 97.20 would confirm a “lower low” pattern if tested. Major support in the 95.90 to 96.20 range marks September’s multi-month low and serves as the ultimate floor for the current price structure.
USDX 2-Hour Chart Analysis
Sellers currently control the H2 chart. In this environment, the primary approach involves fading rallies near the moving averages, particularly around the 98.50 zone, while aiming for downside targets at 98.10 and 97.80.
Breakout Scenarios: The bearish continuation represents the highest probability scenario, where a weak bounce into the 98.45 to 98.55 resistance zone is most likely, followed by a rejection, and a break below the recent low of 98.08 would confirm continued downtrend momentum toward the 97.80 level. A “bull trap” scenario could unfold if price briefly moves above the green moving average around 98.55, temporarily luring buyers in, but a failure to hold and quick reversal back below would create a fakeout that leads to an accelerated move downward. For trend neutralization to occur, the index needs to reclaim and close above 98.80, which would relieve the immediate bearish pressure and potentially transition the chart into a sideways consolidation range.
USDX Pivot Indicator
The technical configuration currently favors sellers. With the Stochastic oscillator exhibiting a bearish crossover and price remaining capped beneath the purple moving average, the likelihood of a downward breakout from the existing range is elevated. Traders should wait for a decisive candle close beneath 98.20 to confirm an entry for continuation moves lower.
Bearish Breakdown (Preferred Scenario): If the price breaks and closes below 98.20, it confirms that the consolidation phase was merely a pause in the downtrend. This would likely lead to a rapid test of the 98.08 low and potentially a move toward the 97.80 level identified on higher timeframes.
Bullish Fakeout / Correction: A break above 98.40 might lead to a quick “squeeze” up to 98.55 (the black moving average). However, unless the price can clear the green moving average, any upward moves should be viewed as temporary corrections within a larger downtrend.
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