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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDX for January 29, 2026.
Technical Analysis of USDX
USDX Daily Chart Insight
The market shows a clear bearish trend. The asset has suffered a sharp sell-off since November 2025, breaking multiple moving averages and erasing September-November gains. Price is now testing critical support at 96.00. Downward momentum remains strong, but oversold oscillators suggest the move is overextended, potentially leading to short-term consolidation. Traders should use caution. Selling at 96.00 while oversold is risky. A break below 96.00 signals further selling, while holding this level likely means choppy sideways movement.
Key Levels: Immediate resistance sits at 97.35–97.60, a former consolidation zone where old support now acts as resistance. The critical resistance at 98.25–98.50 marks a confluence of the Purple and Black moving averages; breaking above this would neutralize the bearish bias. Major resistance stands at the psychological level of 100.00, November 2025’s swing high. On the downside, critical support at 96.00–96.12 aligns with June/July 2025 lows, forming a double bottom where price currently hovers. A break below targets 95.50, followed by 94.60–95.00 if selling accelerates.
USDX 2-Hour Chart Analysis
The H2 timeframe reveals a strong bearish trend, marked by a steep drop from 99.00 to recent lows near 95.30. The market has entered a consolidation phase, with price attempting a relief rally that is meeting resistance at immediate dynamic levels. The Stochastic oscillator indicates this short-term bounce may be losing momentum.
Breakout Scenarios: The primary bearish view anticipates a Stochastic crossdown from overbought levels as price fails at the Purple MA, with a trigger below 95.80 confirming the relief rally has ended and targeting a retest of 95.30 lows before potentially resuming the downtrend with high volatility. Alternatively, a bullish squeeze could develop if the market defends 96.00 and closes above 96.30, clearing the Purple MA and triggering a mean reversion trade toward the Black MA at 97.00, though this counter-trend scenario carries higher risk.
USDX Pivot Indicator
The short-term chart remains bearish following a failed recovery attempt. With momentum strongly favoring the downside, the path of least resistance points lower toward a retest of 96.00. Traders should avoid buying the dip unless a clear reversal pattern emerges.
Bearish Continuation: Following a violent rejection from 96.60, bears are aggressively pushing price lower. A 30-minute candle close below 96.00 would trigger further downside, immediately exposing 95.80 and likely leading to a drift toward the major lows at 95.30 if that level fails.
Stabilization / Dead Cat Bounce: The oversold Stochastic and rapid descent suggest potential for a small bounce or sideways movement. If price finds support at 96.05–96.10 with the Stochastic crossing back above 20, a retest of the broken moving averages at 96.25 becomes possible, though any move that fails to close above 96.30 should be viewed as a selling opportunity forming a lower high.
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