The strongest start since 1997! How long will the "severely oversold" US dollar rebound this time?

At the beginning of 2024, global stock and bond markets plummeted, but the US dollar soared. The Invesco DB US DLR Index TR Bullish Fund rose by 1.15%, marking its strongest start since 1997. The reason for the rise in the US dollar is that traders have started to reduce their bets on the magnitude of interest rate cuts by the Federal Reserve in 2024. After the release of the minutes of the December meeting of the Federal Reserve, the dollar's gains narrowed, but still rose by 0.29%. The rise in the US dollar is supported by labor market data and market oversold signals. The relative strength index (RSI) of the Bloomberg US Dollar Spot Index fell below 30, indicating that the dollar is in an "oversold" state and its trend may soon reverse. The Invesco DB US DLR Index TR Bullish Fund still has about 1% upside potential before touching the 200-day moving average.