US equities have eased from session highs after pushing to a new 2009 on an intraday basis. The S&P’s gains have been halved, now up about 5 points. EUR/USD has dipped back to the 1.4573 level after a rally to 1.4614 an hour or so ago.
USD/CHF is back up to 1.0390 after breaking the December lows at 1.3067 but failing to sustain the momentum to the downside.
We saw identical price action in USD/JPY this morning as stops were triggered below 91.50 but prices rebounded to 91.60 within seconds of making a 91.41 low. Once the market gets comfortable countering range extensions (buying breaks to the downside and selling breaks to the topside) then we will be in a position to extend trends even more rapidly. Ah, the cruel world of forex…
