After flirting with the line that extends off of the 2011 and 2012 lows for 3 weeks, the US dollar found legs and trades just shy of the 50% retracement of the year’s range and 200 SMA. The bullish outside month in July is a good way for long term USD strength to resume but the current level likely inspires consolidation / pullback. Expect 10470 to hold if the larger trend is indeed higher.