Disappointment from the weekend G-20 summit in Washington gave USD bulls a slight advantage in early Asian trade but the Greenback is off marginally against the majors by the start of New York trade. Initially expecting strong rhetoric or even an agreement of some kind to give traders a reason to believe the credit crisis will be resolved quickly, the statement was seen as "more of the same" by most traders. Trading down to recent support and then rallying, GBP and EURO are still inside-range to start the week. Low prints in Cable at 1.4650 encouraged a round of short-covering and traders report large investment groups on the bid as the rate rose through stops around the 1.4850 area; high prints so far at 1.4966 with the rate holding the 1.4900 handle in early trade. EURO fell to tech support at 1.2513 holding the important 1.2500 handle on the dip with light stops reported under the 1.2550 area; high prints on the recovery at 1.2702 with stops reported around the 1.;2630 area in light trade.

The two-way action suggesting that both pairs are tracking each other with the main interest seen in the crosses; Yen continued to remain stronger despite the drop in Q3 GDP estimates released overnight. High prints in USD/JPY at 97.57 in Asia before profit-taking hit the rate along with exporter selling traders say; low prints at 95.92 with the rate holding firm around 96.50 in early New York. USD/CHF rallied to a new two-year high before reversing; high prints at 1.2010 with lows at 1.1886. Making yet another hook reversal on the daily charts the USD/CHF is really trying hard to find a top and aggressive traders can sell the rate over the 1.1950 area today looking for the reversal to hold. Following the Swissy higher was Loonie making a try for highs over the 1.2400 handle; high prints at 1.2426 before reversing for lows at 1.2220; the rate holding early New York a full handle off the highs at 1.2320. With a light economic calendar for the start of the week the USD is likely to continue in two-way trade with the technical's mostly driving trade.

Late buyers will likely have stops close-in suggesting some whippy action is also possible. To start the week it is apparent that the USD bulls are getting tired at current pricing; I think the potential for a long-liquidating break is building and if the USD can't extend gains by mid-week I would look for a drop in the Greenback to end the week.

Overnight Asia/Europe
• G-20 fails to inspire the USD bulls
• Majors initially weaker then reverse into New York
• Japan data benign

Today's Economic Reports
All times EASTERN (-5 GMT)
• 8:30am USD Empire State Manufacturing Index
• 9:00am USD FOMC Member Duke Speaks
• 9:15am USD Capacity Utilization Rate
• 9:15am USD Industrial Production m/m

Looking Ahead to Tuesday
All times EASTERN (-5 GMT)
• 8:30am USD PPI m/m
• 8:30am USD Core PPI m/m
• 9:00am USD TIC Long-Term Purchases
• 1:00pm USD NAHB Housing Market Index

Forex Analysis by Jason Alan Jankovsky at ForexPros.com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check http://www.forexpros.com