DXY – NYBOT Dollar Index (Last:104.28)

The chart offers a moderately bullish picture of the dollar, but with one caveat: the impulsive rally last summer to 107.35 just missed exceeding a small but important peak at 107.99 recorded along the dollar’s horrific plunge in late 2022/early 2023.  This subtle but significant failure does not preclude the possibility of a further rally to D=108.38.  Actually, it seems entirely likely based on the teasing interaction between buyers and the pattern’s 104.50 midpoint resistance. But don’t expect the C-D phase of the bull cycle begun in July to play out symmetrically relative to the A-B leg. This means it could take a while longer for the second leg to reach its destination than the 11 weeks required by the first.