The US Dollar has come in favor to many Wall Street participants in recent weeks. As shown in the charts below, the short-term action of the currency has been bullish, but the longer-term technical picture remains bleak. Using one of the oldest sports cliches in the book, Dollar bulls need to treat this as a marathon and not a sprint.
At its current level of 73.54, the US Dollar index is trading just off the bottom of its long-term downtrend. The next level for bulls to watch is the top of that downtrend at 77. If the currency can break above there, the marathon for a strong Dollar will be about 10% complete.
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