Good Morning,

USD is still very weak......and I think that market is directionally challenged. The only hope that I can see for the USD is a huge dollop of  RISK AVERSION. If we get a "Dovish" FOMC this afternoon the USD could be taken to the cleaners, but, we at the same time we are a whisker away from the market correcting. S&amp;P 1830 is crucial support again today.

Here are my macro thoughts on the majors: -

EUR /USD - Range is 1.3750 to 1.3830.

GBP/USD - Not pulling back.

USD/JPY - Will lead today and the S&amp;P support at 1830 is critical. Below this level should coincide with the USD/JPY breaking through 101.50.

USD/CAD - Just not bouncing.

AUD/USD  - looks like Head and Shoulders target of 0.9500 may be on after all.

NZD/USD - looks to me like this is just a momentum move higher. I cannot believe that at these levels its fair value for this currency. All I can think is that the closer we get to 0.9000 the better the short.

USD/CHF - Trading range is 0.8800 to 0.8900.

I am not looking to add to any positions at the moment. We have the FOMC and AUD (Employment Data) later today, so it would be conservative to hold back until after these news items, in my opinion.

Scott