Here is another view of the USD daily chart. What we have here is some pretty good confirmation that it has bottomed. In fact, Uncle Buck is now getting a bit frothy to the UPSIDE and could cool down short term, allowing for one final push higher in the Hope '09 festivities. We have after all, not yet had a real upside capitulation in markets - on panicky volume (dat would be da public in da house, joinin' da pahhty).
The weekly USD chart shows a firm picture of a market with some decent upside. If it rises to threaten our two higher resistance levels at 80 and 82, then it will be testing the terrible fundamental damage that was done to it by monthly (big picture) chart by losing those levels earlier this year.
But for now, we just micro-manage the ending of Hope '09, which may see some partying in 2010 before flame out. It will depend on what kind of correction the dollar takes off this initial thrust off the bottom.
