Because the dollar is in such crucial territory, we should monitor it very closely in the days ahead.  Most immediately, we should note that DXY is forming an abc uptrend that will require a decisive push past a 78.97 midpoint to “actualize” the promising bullish impulse leg created in the last two sessions. The pattern is shown in the accompanying chart, and it projects to as high as 79.33 over the near term. If the dollar, now perched at the edge of an abyss, is about to turn higher, it should have little trouble reaching the latter number and then pushing past it, presumably the same day. _______ UPDATE (11:18 a.m.): DXY has bounced weakly after tiptoeing to the very edge of the abyss, testing the support of June’s key low in a way that hardly inspires confidence.  The support looks likely to fail.