The Swiss National Bank have taken decisive action overnight to stem the strengthening of the CHF and therefore ease a huge burden which was being placed on Eastern European loans and mortgages which were taken out in Swiss Francs. This action will do much to alleviate angst, at least in this quarter of the market. Based on their previous track record, the SNB will now draw a line in the sand, Jamie was calling it 1.5180 against the EUR, and they will vigourously defend this level.
EUR/JPY has broken above 126.00 and technically looks headed for 134ish. USD/JPY is in a wide 92-102 range and the middle is best avoided. AUD/USD should now go higher and the next level of interest is the 100-day MA at .6615.
Good luck today.
