We will find out if this multi-month sideways basing move finally plays out. Falling wedges lead the way for upside. Note how price just printed above the 20 MA, these are the types of bullish developements you monitor as a technician. Watch to see if the RSI moves above the 50% level which is a bullish signal.
Projection is upside for the dollar moving forward. As the dollar moves up, this will place pressure on oil and commodities and provide testimony to a weakening global recovery. Dollar strength will also lead to Chairman Bernanke announcing QE3. Targets ahead are 75 and 76, and higher. Study that 20 week MA and RSI 50% level closely this week.
Daily Chart Inverted H&S:
Watch for price to break out and above the inverted H&S neckline at 76 leading to 79. Chart is very constructive for the upside. Price now above the MA's, bullish. We see in the days ahead if the dollar is finally ready to make its upside move. Projections are 75, 76 and higher.
For dollar charts use search box above for keystone speculator or view at stockcharts public charts keystone speculator.