The U.S. dollar index is a basket of six major currencies weighted against the greenback. See on the daily bar chart that the USDX has moved right up to challenge stiff chart resistance at the recent highs. A move in prices to new for-the-move highs would give the USDX bulls more power and would also suggest another leg up in prices in the coming weeks and possibly months. The strong dollar is a negative for the raw commodity sector. Most major raw commodities are priced in U.S. dollars on the world markets. When the dollar appreciates on the foreign exchange market, it makes those commodities more expensive to purchase with other currencies. Stay tuned!
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