While the US Dollar Index remains above 100, it is possible that King Dollar may have put in a top.

And not just any old top… but a monster top.

Of course we are having some fun here, but King Dollar’s reversal late last year has seen follow-through selling to the tune of a 10% decline (see “monthly” chart below).

This month the US Dollar is attempting a counter-trend rally, bouncing off dual support at (1), including its 23.6 Fibonacci and lateral support.

If this monster top holds true, we could see a counter-trend rally back to 106 at point (2) before heading much lower. This could get interesting… stay tuned!

(Click on image to enlarge)

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