GBPUSD through 1.2400, EURUSD through 1.0600, USDJPY in the low 115's, It's all going horribly wrong for the dollar bulls.

It's all going Pete Tong (slang for wrong) for the dollar.

GBPUSD & EURUSD 15m charts

What's gone wrong?

We've had no end of better data from the US since we came back from the break, and yet that data, that would have had dollar bulls squawking about hikes pre-Dec FOMC, is now not worth the paper its written on.

That's a big fat warning to longs banking on another hike.

It's still very early days in the year so we can't rule out that this is still some positional jostling. However, every rally in the buck has been hit harder than every dip.

The euro has made it's mind up about the 1.05 level, albeit for today. The Dec 30th spike is now the next target followed by the stronger 1.0700/10 level. A close above 1.0600 will give euro bulls a great sign to push it higher.

The pound will hit trouble around 1.2500/20, should we get there but look for resistance around the 50 fib of the 14th Dec fall at 1.2460.

USDJPY could continue to fade until 114.75/80 which was a strong S&R level late Nov through Dec.

Apart from cable and the euro, USDJPY is still holding up relatively well but if longs do get spooked, be wary about seeing one of its infamous blowouts where we suddenly see it drop 200 pips as the pressure blows. That might be just what's needed to release some pressure and refresh the trend but only if it finds its legs after.

As I say, it's still early days so keep a tight leash on your trades. If you've ridden these moves into profits then look to protect them against an equally swift reversal.