The dollar broke out to a new high on Monday before reversing lower to to print a narrow range day.
Monday was day 21 for the dollar’s daily cycle. That places the dollar solidly in its timing band to seek out a daily cycle low. The narrow range day has eased the parameters for forming a daily swing high. A break below 97.25 will form a daily swing high. Then a break below the daily cycle trend line will confirm the daily cycle decline.