US Dollar Rebounds!

The US dollar has recovered once again, against strong news sentiment yesterday suggesting the DXY had topped off. We were able to recover the range and, at the time of this writing, are testing the upper bound near 111.38. We anticipate this to be a top and mean reversion trading is advised at this time. It will take sufficient momentum to break through but if we can, 114.54 is the next target (highs). It is more likely that we will reject 113.38 and revert to the mean and potentially test lows at 111.64. As a floor we should remember 113.37.