There is evidence that the dollar has left behind an intermediate cycle low.
The dollar’s daily cycle peaked in early December on day 9, where it promptly dropped, breaking below the previous daily cycle low and closing below the lower daily cycle band. That formed a failed daily cycle and signaled the intermediate cycle decline. The dollar went on to break below the 50 day MA on day 13, printing its daily cycle low. Since then the dollar has rallied closing today above the upper daily cycle band, which signals that the intermediate cycle low has been set.
The weekly chart shows the dollar peaking above the upper weekly cycle band on week 14. A swing high formed on week 15, as the dollar closed below the upper weekly cycle band, indicating the intermediate cycle decline. Today’s rally has caused the dollar to break back out above the upper weekly cycle band. A weekly close above the upper weekly cycle band will confirm week 15 as the intermediate cycle low.