The US Dollar Retraces from Highs

The US dollar made an aggressive run, rallying from the low 96's where it was struggling to hold 96.00, to the mid 97 handle. We topped off at 97.62, at the height of market panic over the Russia/Ukraine conflict, but have since retraced a bit back to lower levels in the 97's. We briefly dipped back down into the 96 handle, with support holding just above 96.65. The DXY has since recovered the 97's, currently feeling out the range between 97.03, and 97.32. Recently, the 97's seem too top heavy for the DXY, and if so, we can expect a retracement back to support from a cluster of levels between 96.44 and 96.65.