On June 2, 2009, the dollar fell to 1.42 against the euro, which represents a 14% depreciation in the past 3 months, after it had risen to 1.25 on March 5. (BTW, the dollar tested 1.25 about 5 times in the last 8 months — how is that for a strong support level! (See Chapter 16).
Nevertheless, the Institute for International Economics judged the dollar to be still substantially overvalued. They expect the dollar at 1.53. The institute bases its findings on fundamentals — and we know how irrelevant those are to exchange rates… I cannot find one technical analysis that is willing to predicting more than a week out (althought there seems to be uniformity among analysis that there is an "upward bias the dollar, see the attached file)