USD dropped to a 2 month low after a large spike

The U.S. Dollar spiked during the stock market's meltdown in March. But now that financial markets are calming down and stocks are rallying, the U.S. Dollar has fallen to a 2 month low.

When the USD Index spiked more than 5% above its 50 dma and then fell to a 2 month low, the USD's returns over the next few weeks and months were mixed. Sometimes the USD continued to fall further in the short term, and sometimes the USD reversed and rallied. But over the next year, many of these historical cases saw the USD drop since they occurred near the top of a major USD rally.