This 4-hour chart of the US Dollar Index shows something we haven't seen in awhile.....a weak USD. The USD had been rallying steadily since the lows printed in December of 2009, but now seems to be more comfortable moving down. So instead of the EUR/USD or the GBP/USD moving down, those two pairs are either moving sideways or even rallying a little. This is not so much (as of yet) because of EUR or GBP strength as it is about the weakening USD. A move by the US Dollar Index below the 83.62 low could open the door to more selling pressure while a move up through the 86.41 higher could mean the start of a move further up.
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