The dollar has managed to reverse the attempts by the major pairs in trying to break near-term support on the dollar index, after they were empowered by the German Dax initially opening in the positive. The fact that the U.S. S&P reversed a gap move higher and then dropped to test the closing price of the previous session is the reason that the major pairs are getting back to their opening prices. It has been a roller coaster session that has nailed the major pairs to the beck and call of the S&P Futures market. The European equity market is trying to hold higher ground as it heads towards the close, and that may help the second push that the majors are now trying to make.

The Europeans and the Aussie are the most likely candidates to break higher on the dollar, but until U.S. equity markets find buyers the roller coaster of Asia to Europe, and back via America continues its path for the major pairs.