There are always a few players who can't or don't want to realize that the buck is gone. It's not going to break above 100$. It will be heading to 80$ very soon. Yesterday Brainard's speech was the typical example. It's crystal clear that the rate hike is off the table but market just doesn't want to accept that. They want to hear it from Yellen.
If you look at this chart you can see the weakness. We broke above the 200 and couldn't hold it. In August we tagged the 200 twice but no break above it. Price is now crawling on the . When a few big payers get know that no rate hike till December we are going to break below the and tag the 93$ level very fast. And next Wednesday we will enter the panic selling stage below the range as everyone wants to get rid of the dollar longs.
This dollar "rally" is very pathetic. Might break down any minute.
ECB is trying to save the dollar - weakening the euro - but they will fail.
And the dollar will break down the trendline this week.
Get ready : it is going to be a nasty breakdown.