Daily charts of the DJIA show a maturing head and shoulders pattern, with the neckline looming close below at 8250. As a result, this level marks the proverbial 'line in the sand' for the index, and due to the correlated nature of the markets, a break below 8,250 opens the door to broad declines in risky assets, including FX carry trades.

Dow Jones Industrial Average (Daily Chart)


Source: Bloomberg