EUR/GBP and EUR/CHF both made strong gains on Friday night.

As I mentioned on Friday, the EUR/CHF order board gave us a lot of clues with big bids on the downside and stops above the market. Those stops have now been triggered and it looks like we have moved on to a higher trading plane with obvious parameters at the 100-day and 200-day MAs which would give us a new trading range roughly between 1.34/1.39.

EUR/GBP has also made new highs but interestingly on Friday we heard about big stops above .8935, and that was the ding-dong high. Obviously somebody knew about sell orders close to that level and it’s a small market at the core. That level is also approximately where the strong bearish trendline from .9800 through .9415 sits so if we get another failure there, then watch out for a major profit taking move lower.