US dollar short-term double-bottom in play
The dollar is having another strong morning today, with price breaking above the crucial $97.05 resistance level. This comes off the back of a failed attempt to create a new low and given that a break above $97.05 means a bullish double-bottom has been created. The projected target from this double-bottom is $97.96. Given that I am generally bullish on the USD over the medium-term, this short-term bullish outlook fits and thus I would expect us to see further gains today.
In the near-term, an intraday respect of the $97.05 level as new support would be a great signal of another move higher. Be aware that there is a major cluster of moving averages (50, 100 and 200) which could provide resistance. Yet while price is above $97.05, I remain bullish and expect further gains today.
Given the broadening formation in place (higher high/lower low), the exit from this pattern is becoming less clear for the medium-term.