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The interest rate decision from Switzerland is out of the way, the SNB remained on hold at 0.25%. We now have U.K. Retail Sales numbers at 04:30 EDT to absorb, they are looking to drop from 0.9% to 0.4%, we will very likely see a pound reaction to that release.

The initial test of resistance by the major pairs to break down the Usd has happened, and the pull-back from that test coincided with a sharp reversal in oil and gold prices. 

It will now will require equity markets to move higher if the major pairs can make the next move up, and hold. As we reported earlier, the major pairs do not need any excuse to get bought; they are only at these levels because of negative equity trade. But, as we can see in June, the moment that equity trade shows any sign of green the dollar is quickly sold.

All the time that stocks are in the red, forex markets will spin their wheels; it looks very much like the dollar buyers, out of desire rather than a need to hedge falling equity prices, are thin on the ground.