As some may recall the relentless rally in commodities esp crude was driven by USD weakness, this year AND last. With that in mind the weekly and daily USD charts below should be causing panic. We know what happened in the latter half of '08.
click on to enlarge
click to enlarge
The above charts depict classic reversals. The daily chart closed above the previous high on Nov.3, not to mention taking out trend line resist days ago, and it's not that far away from the Oct.1 high of 77.23. Currently it's approaching overbought on the Daily RSI's ( did I just write OVERBOUGHT? ) but after such pervasive bearishness , that could get squeezed pretty high I'm thinking.
The Weekly chart speaks for itself. Weekly RSI not even close to overbought. More of the same to come I'd say.