• Dollar surged against all the major currencies and hit multi month high erasing most of the losses from March throughout August • The rally stalled/paused at the 78.6% Fibonacci level, so far • Bulls broke the descending channel and successfully secured a second daily close way above it, increasing the chance of further rally • Series of lower highs is almost broken as we are approaching the previous swing high at 104.70 • If bulls were able to crack the above level, next critical and area of defense for the bears will be the 105.80