US Dollar (DX) Daily Chart - Intermediate View

The US Dollar (DX) index has broken up through short term resistance.

Here is the longer term view of this chart, and its bounce from the measuring objective called out by its failure at the neckline in the large H&S top.

The dollar strength is largely driven here by euro weakness, as a comparative index, and a short term oversold condition that is being quickly worked off. Currencies tend to overshoot their technical moves in the short term, but in the long term are much less subject to price manipulation than stocks, excepting of course the official pegs set by central banks which are all too obvious, except for those blinded by ulterior motivations.

Let's see how much of its decline from the neckline it can retrace. Technically it can go all the way to the neckline without invalidating the chart formation, although this does seem unlikely.