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US Dollar finally ready to rally?

|Includes: EUO, PowerShares DB USD Bull ETF (UUP)

I'm not sure what it means yet, or exactly how it will ripple through the markets, but it's worth noting that the US Dollar has broken to the upside of a downtrending line of resistance that has been in place on the weekly chart for over a year.

A move above 77 or so on on the Dollar futures contract would confirm an upside breakout in my mind.

You could play this by going long the US Dollar (UUP ETF), or short the Euro (EUO - which I own some of).  You could also try to play the likely ripple effects by shorting commodities (SMN is short basic materials).  I will be very curious to see how a dollar rally impacts gold, which has been such a safe-haven play in recent months.  A Dollar rally should put downward pressure on gold, though a full panic in the Eurozone may put enough upward pressure on the yellow metal to offfset a Dollar rise.