China is putting up an impressive goal-line stand, trying to keep options market makers from knocking out their 1.4500 barriers and pocketing their premium.

Rebounds have been seen once again into the high 1.4520s.

Resistance at 1.4580/90 has been stiffened by this afternoon’s tumble from that level, the third failure today. It is safe to say trailing stops are building just above the 1.4600 level now.

1.4480 is important support below the market if 1.4500 gives way. Bids are rumored in the 1.4460/80 area from sovereigns while heavy stop-loss sell orders are clustered below 1.4450.