DXY: Remains King of the Market
The underlying strength the dollar has shown in these uncertain times has shown us why it is the reserve currency of the world and a safe haven as well! The chart itself shows uncertainty/choppy price action but the underlying trend is higher.
We look at the higher time-frames to cut out the noise and show us the true trend.. and that is higher much higher in my opinion. The dollar's strength can come from two factors, a safe haven in times of uncertainty and or it being the “cleanest shirt in the dirty laundry pile”, what I mean by this is the attractiveness of the $$$ and it yielding the highest return to foreign investors, therefor investors parking their millions or billions into the US.
Let's look at the chart, the weekly below shows us a clear picture of basic higher highs and higher lows. Starting from the 94.00 handle and eventually grinding to a high of 99.60 today before losing steam here. The phycological 100 level is not too far away but considering the recent run-up in price I would not be surprised to see a slight pullback towards the 98.50-99.00 level before going higher and hitting the big triple-digit mark.