DXM12 – June Dollar Index (Last:79.115)

June Dollar Index (DXM12) price chart with targetsThe June Dollar has a little ways to go before it reaches a Hidden Pivot support at 78.505 that could reverse the corrective trend begun two weeks ago. Bottom-fishing via camouflage is encouraged as always, but the pattern, with two single-bar coordinates on the 30-minute chart, is sufficiently appealing that you could also try getting long via a 78.515 bid and an initial stop-loss of three ticks.  If the stop is hit, the futures would be signaling more downside to at least 78.105________ UPDATE (4:06 p.m. EDT): After trading no lower than 78.795 overnight, dollar futures took a whoopee cushion bounce, presumably for some reason so stupid that you’d have to be either mentally retarded, an economist or a Wall Street pro to care. The news appears to have been that the latest Fed minutes evinced no commitment to further easing.  Did any of the morons who goosed the dollar read the other day that the Fed had bought 61% of all Treasury paper that came to auction in 2011?