Today’s commentary concerns the apparent breakout of the dollar, but I’d like to elaborate just a bit more in this tout, addressing my comments to subscribers rather than to a general audience. Specifically, the ambitious rally target at 79.86 that was flagged in the essay comes from the hourly-chart pattern shown. Although a move above the ‘p’ midpoint would confirm this, my gut feeling is that it will be a pushover. Also mentioned in the commentary, but not shown explicitly, are several ‘external’ peaks on the daily chart that were recorded in January and February. They lie, respectively, at 78.87, 79.17 and 79.60, and so any move that hits the 79.86 Hidden Pivot flagged above would infuse quite a bit of new strength into the bullish trend. _______ UPDATE (11:55 a.m. EDT): The dollar is in the throes of one of the most single-day rallies in recent memory, hitting a so-far high today of 78.80. The 79.86 target noted above remains my minimum upside objective for the near term, although I hadn’t expected it to be reached so soon.
