Fresh highs in cable, AUD/USD, NZD/USD and a fresh low in USD/CAD

The once-crowded US dollar trade is quickly thinning out today.

There's no question there a bull market in the US dollar started 8 months ago. The old adage is that bull markets rise like an escalator and fall like an elevator. That's exactly what we're seeing today.

Even though reports say the sides in a Greek deal remain far apart, fear has gripped US dollar bulls and they're rushing for the exits.

So far, the session extremes have held in USD/JPY and EUR/USD. If those two join cable and the commodity currencies, look out for another blowout.

So far, even though these are some extreme one-day movements, they have only barely dented the recent US dollar declines. I don't think this is a reversal but it will take some good news to get the dollar back on its feet.