Yesterday’s rally may have seemed feisty, but it was actually no more than a gratuitous swing up to the approximate midpoint of the tedious range that has contained the Dollar Index for the last month. Is it distribution, or consolidation?  So far, it looks mildly like the latter, although the impulse leg that makes this so was subtle in that it failed to surpass a key high at 81.47 recorded last June.  It did exceed the required “internal” and “external” peaks, however, lending a camouflage quality to the rally as it appears on the weekly chart. Even so, the weekly chart cries out for more corrective action to create a nice, clean ‘C’ low for a launching pad.  If things play out that way, the most compelling rally target I am able to identify is the 83.33 midpoint of the pattern shown in the chart.