The U.S. dollar index is a basket of six major world currencies rolled into one composite index price. See on the daily bar chart for the USDX that a price uptrend has been negated recently and prices are now in a fledgling downtrend. The greenback bears have the overall near-term technical advantage, which means the path of least resistance for the index will be sideways to lower for at least the near term. This is good news for the raw commodity market bulls. Most major raw commodities are priced in U.S. dollars on world markets. When the dollar depreciates against other currencies, it makes those raw commodities cheaper to purchase in non-U.S. currency. Stay tuned!–Jim
