DXY – NYBOT Dollar Index (Last:77.73)

The move from the December 1 low at 74.27 is still  uncorrected, demonstrating once again that there is nothing so bullish, technically speaking, as a rally that is insanely overbought. This one most surely is, and it  could become even moreso this week by surpassing two or three more external peaks.  From a Hidden Pivot perspective, the nearest target we can use for a benchmark lies at 79.03, a Hidden Pivot.  Its midpoint sibling is 78.36, exactly 0.22 points above Friday’s high.  If the midpoint is easily breached, consider the higher target a done deal.