U.S. Dollar Approaching Last Year's Low

On Friday the dollar moved lower and is now approaching the low from last year. In my opinion I think we will see the dollar move below last year's low because a few of the foreign currencies are already breaking high such as the Euro.

If you recall back on January 31st, I posted that the dollar was a short based on cycles. The 3 1/2 month cycle in the above chart helped me identify the high within days of the top. You can read the original post here. Cycles do work and should be used because they add another dimension of analysis that you can't get anywhere else.