On the 4h chart of USD Index price recently rallied in three waves; it was a clear contra-trend price structure within wave 4. We labeled end of wave 4 near 97.77 level after that sharp leg down which is now pointing to around 96.50/96.20 for wave 5 where bigger decline may come to an end in June. That being said, a five wave rally and a breach above the 97.77 level may signal bullish activity to follow.
USD Index, 4H
Ed Note: The US Dollar index hit a low of 96.44 this Tuesday at 11am, and is currently trading up from there as you can see it taking in initial surge to the upside at 3am Wednesday morning. You can see it testing that surge on the 15 minute chart below: