The USD ends today mixed after running stops in both directions today; whippy conditions and thinner volumes helped the Greenback to see some volatility today. Initially better on the day and into European closes the USD reversed today against Yen and EURO but held firm against GBP and Swissy.

Although the sentiment is for further USD gains most traders are reporting the recent rally may have run its course for now and with more potentially negative USD news due the next few days some traders are seeing profit taking on the sell side today. Rumors of Russian bids and Swiss bids in EURO helped to underpin that rate with the pair making highs in early New York after the release of better Balance of trade data today.

Rallying to a high print at 1.4966 the rate was able to hold gains through the day despite some selling pressure spillover from GBP. Cable was unable to hold gains at all today slipping to the 1.8980 area into the close after holding above the 1.9000 handle most of the day; traders note cross-spreading was likely contributing to the weakness in GBP.

USD/JPY finally saw the offers take control of the market as stops were triggered under the 109.50 area for low prints late in the day at 109.28; earlier rallies above the 110.00 handle were turned back after several attempts to make highs and now the rate appears to have topped. USD/CHF is in a similar situation but has managed to hold a bit firmer but still off the highs at 1.0928; looks like a close at 1.0860 area is in the works.

On the day the USD is looking weaker and I expect a bit more downside with volatility to result; there are a lot of people with the "buy the dip" mentality waiting for a technical pullback; in my view the USD is setting up for sharply lower prices near term.

Today's US Dollar Trading

•           USD ends mixed-to-weaker
•           Official names selling rallies
•           Majors ready to rally

Overnight Preview

•           Look for more consolidation with a lower boas

Looking Ahead to Wednesday
All times EASTERN (-5 GMT)

•           8:30am USD Core Retail Sales m/m

•           8:30am USD Retail Sales m/m

•           8:30am USD Import Price Index m/m

•           10:00am USD Business Inventories m/m

•           10:35am USD Crude Oil Inventories

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