With the dollar in a constipated state for the last month, it might be yet a while longer before the buck resumes its upward course. The evidence can be found in the thatch of bars at the right-hand edge of the chart. Notice that the very highest of them failed by just 0.13 points to impulse above an important external peak recorded last August. Such hesitancy suggest that bulls lack the moxie right now to challenge last summer’s highs without further consolidation. My hunch is that the process will include some wild swings outside the by-now familiar range.
