The market is in the London/Europe closing hour for the week.  The dollar remains bid as the market can not muster any sort of rebound.  The damage on the longer term charts are real and there is a shift in sentiment about oil, commodities, global growth and the relative strength of the respective economies.  The US certainly is not in great shape - housing still down, employment getting weaker, credit markets still in disarray.  However, it take two to tango in a currency pair and it is being perceived as the best of the worst - for now at least.