The short-term range between 1.0625/1.0850 remains the dominant theme here and both bulls and bears will have done very well over the last 2 weeks, if they displayed a little bit of patience. What I’m hearing from the interbank market is that plenty of topside cover is still being bought and that some of the bigger option players will have to start covering very quickly if we get a topside break through 1.0875 or 1.0900 in particular. In my experience, these levels have a knack of always getting triggered.