Carry crosses such as EUR/JPY and GBP/JPY were down multiple percent today as global investors fled to the safe haven of yen.

After hitting a seven-month low, the EUR/USD finds itself at trendline support on the weekly chart.

The market's renewed risk aversion expressed through lower global interest rates and equity markets as a result of wide credit spreads have traders and investors beginning to question a broad-based dollar rally.

Todd Gordon notes the odd price action in the currency market this month.

EUR/USD was trading on offered side this afternoon looking poised to break 1.5300, but oil pulled a $2 rally.

The dollar came in offered as EUR/USD and our AUD/USD dealt higher like it was March all over again.

In the 20-minute chart, we see some early evidence of a possible change in trend.

Today's markets were definitely worthy of a nap at your desk. Traders could already be on hold for the FOMC announcement scheduled for Wednesday.

Todd Gordon thinks we have seen the short-term highs in the dollar, but he doesn't want to chase this dollar weakness tonight.

This morning risk aversion is high as the equities and carry trade head lower, but USD/JPY has pulled back into a nice technical support level that could offer a tradable bounce.