A lot can be said for the significant upward movement of the USD in the month of May — a run to the “safe haven” currency — if you take a look at the Weekly chart as the timeframe. In looking at various timeframes of the chart this morning, I was reminded as to the amazing journey the USD has been on the past 20 years. The Quarterly chart below gives a nice perspective — 1992 to the present:
The Fibonacci levels are from the September 2001 high to the March 2008 low. Since then, the USD has managed to just now reach the 23.6% retracement line. A declining Trend Line above seems like a plausible next target.