The Dollar remains within a good upchannel, with the overnight low bouncing from the 77.35 up channel support. The break of the 77.80 high opens a test of channel resistance in the 78.15 area. Our long term view is one of a Large triangle and that the 75.95 low was only the end of the B leg. This rally then is only the first wave of a 3 wave traingular C leg. It looks impulsive and with one to 76.80 and 2 to 76.50 the third wave is subdividing. The current spike higher is 5 of theree and should find 78.15 strong enough to force a 4th wave before att6emoptng 78.30. That should complete the first leg and allow a return to the 77.35 area again. Only a direct loss of 77.35 signals a larger reversal.
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