The U.S. dollar rocketed on Tuesday morning; is a larger reversal in store?

Taking a look at the daily chart of the U.S. Dollar Index (USD), we see the greenback has been gaining ground lately and is now approaching descending resistance of the longer-term trend. Interestingly, descending resistance meet almost exactly with support from the 'handle' portion of the relevant range cup and handle. At the end of the day, continued bullish comments from Bernanke could have the greenback off the races for the duration of the year.

Mark Whistler

6/3/08