I'm back from the West Coast with a little jet lag, which really didn't matter too much because today's market were definitely worthy of a nap at your desk. Traders could already be on hold for the FOMC announcement scheduled for Wednesday, as the economic data schedule is light for tomorrow aside from a 10:00 a.m. ET. Consumer Confidence number. Bloomberg is expecting a reading of 56.5, with a prior reading of 57.2 that missed the consensus of 60.0.

For the seventh trading day in a row, USD/JPY is still deciding what to do with the 200-day SMA that looms just overhead. We were stopped out of our USD/JPY positions at breakeven, which is just fine with me because if the USD/JPY hasn't turned lower from the 200-day SMA by now, it may not ever do so.

EUR/USD is working on its fourth month in a 1.6000-1.5350 range that has produced some absolutely nasty whipsaws. But If you think the EUR/USD range is bad, take a look at a 2-hour crude chart. I would rather just donate my money to charity than trade that market! A range resolution is coming in both the commodity and currency markets, but until a break is clearly evident, yours truly will be on the sidelines letting someone else be the hero.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.