FX Technical Weekly

It is possible that the US dollar has turned from a significant bottom. Although the EURUSD and USDCHF have failed to test their December 2008 price extremes, all other dollar majors (including the US dollar index) have done so. This sets up a non confirmation / divergence that tends to occur at significant turning points. In fact, a similar warning signal was evident at the last major USD bottom in July 2008 when the EURUSD made a new high and the US dollar index failed to make a new low.