The U.S. Dollar this morning finds itself at the same price as the week of 10/8/2011.  Why is that week important?  That happens to be the week the 500 index hits its fall low and the rally started. I could be wasting your time discussing the currencies these days, since they seem to have little to no impact on the markets for a good while. 

With that said, I do feel that if support line (2) is taken out, the Dollar could decline a good percentage and odds would favor that risk assets would get a boast.  A breakdown from this flag could really help risk assets, so do watch what the Dollar does around the 78 level.

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past