Adam mentioned in a couple of posts yesterday that stocks could be heading for a correction.

We are having a small round of risk off as stocks futures are mostly showing losses. It’s to be expected after the massive gains over the last few days and we’ll see how it develops further into the day.

EUR/CHF has come off the boil once again from 1.2300 as 1.2350 held out once again. Support at 1.2280 is stabilising the fall just now with further support at 1.2255/60.

Below there is the 100 dma at 1.2245 and support and the 55 dma at 1.2228/32

USD/JPY is approaching buyers once again at 98.60 and there are more below at 98.50. Bang in the middle we also have the 100 H4ma at 98.55 then the 55 H4ma at 98.28.

Buyers await aplenty on dips so unless we get any major news play the techs and the levels.

EUR/USD had a dip after the Spanish auction on some profit taking and we’re in a fairly tight 40 odd pip range for the day.