Fluke?

So the big overnight moves were fundamentally linked to the "greek crisis".  My euro position bears watching as it may have been "reactive", so even though the floor looks vulnerable, some profit-taking may happen.  Just got to watch and see.

 Just to satisfy myself the euro and stg were not flukes, have decided to make a call on the swiss franc.

The chf had been consolidating and testing resistance.  The swiss economy has not been doing too well especially in 2014 and speculators had been betting the Swiss National Bank (SNB) would continue to hold the floor.  

Although the Swiss are not officially part of the EU, they have been keeping their currency roughly in line with the Euro.  With the ongoing euro weakness, they had decided it was no longer wise to do so and basically "dropped the peg".

That resulted in the "free-fall" of January 14, 2015.  A knee-jerk reaction in my opinion as evidenced by the recovery back to the breakdown point.

I believe the market will continue to sell the CHF in-line with their sale of the euro but there will be a chance to sell Dollars into the resistance, with a stop above that.

We'll see how the market develops.