Hi SK, there are a number of things going on with the U$D chart that it can be interpreted in a variety of ways. I see a rising wedge (bearish) formed over the last 10 trading days and a small flag (bullish) over the last 5 trading days. Then we have the already spoken for resistance at 85, but the unspoken about support now at 84. I see a battle to be waged for sure before this resolves itself. Over the longer term this will most likely test 80 again.
As a side note, tomorrow's FOMC minutes could be a wildcard. If Greenspeak gives us anything that can be interpreted as increasing inflationary pressures or any change in language relating to increased rate moves and the dollar most likely goes higher in the short term.
Just my .02c
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