Resilience and the lack thereof. What price action today says about the FX trend.

The most-recent leg of US dollar strength started about 5 weeks ago on June 17. Here is G10 FX performance since then.

In addition, the S&P 500 has risen 0.35% in that period, the DAX +5.1%, the Nikkei +2% and the Shanghai Composite -10.3%.

Gold is down 8.6% and oil down a whopping 17%.

1) The appetite to retrace in commodities is very weak

The commodity rout is what stands out over the past month. There's no rule that says 'the bigger the fall, the bigger the bounce' and that's illustrated today. Gold climbed as much as $14 but is up just $6 now. Oil is up 25-cents after rising 85-cents.

2) The bounce in CAD has been the weakest

The RBNZ decision is due up tomorrow (preview here). If anything, you'd think that would be the most-skittish market. But the kiwi is only a dozen pips from the highs while the loonie is about 40 pips from the extreme. The Canadian dollar is in for a world of hurt.

3) USD/JPY appetite is mediocre

The surprise in last week's CFTC report was a sharp paring in USD/JPY longs. The market just isn't in love with the trade like it used to be. The BOJ minutes were a bit more dovish earlier today but bottom fishing in the pair is light.

4) Speaking of fish

The rally today in EUR/CHF is awfully fishy. It's generally a day for risk aversion but EUR/CHF is up a half-cent. You could explain it away with rising Eurozone sovereign yields and diminished Grexit fears. It also doesn't have the hallmarks of a sharp, SNB-driven move but it doesn't quite pass the smell test.

5) The stock market is solid

This would have been a good day for a 25-point fall in the S&P 500 but it's only down 9. There's still time but if there were genuine earnings nerves, there would have been much more selling. Of course, that could change if APPL (after the close) and others disappoint.

If you're looking for live forex education, check out how Greg Michalowski attacks currency trends and uses retracements like this to manage risk and establish positions.