A day of bankruptcies, record losses, and zero value stock forecasts saw US equity indices taking a nose dive two hours into the US trading day forcing currencies to give up earlier rallies following a strong showing at the open in Asia. Among the headlines was Circuit City filling for Chapter 11 just a week after announcing it was closing 20% of its stores, Fannie Mae for its part reported new record losses at $29 billion for the third quarter, while Deutsche bank forecasted zero value for General Motors shares all of which helped turn investor sentiment. So what is there for currencies to look for now? From a broader view yesterdays sell-off has forced intraday charts into oversold levels suggesting a technical pullback could be in the offing in Asia, still with markets once again turning risk averse we should be looking at selling rallies. A good idea would be to draw some fibs on intraday charts from yesterdays sell-off with aggressive entries around the 23.6 Fib areas though with oscillators just rising off oversold levels a more prudent 61.8 Fib retracement should be considered as our entry point for rejoining the short side of the market.