Asia has had a go at the downside in EUR/USD but the pair ran into support at 1.3445. The pair bounced back into the 1.3470s but as far as bounces go this was of the anaemic variety. This is sure to flag to the next session that the downside is in play with a break of key support at 1.3430 likely lead stop loss selling. For now a few soverign bids are keeping the pair safe for now around 1.3450. The other key pair to watch as discussed earlier today is EUR/CHF. Market here appears keen on testing the SNB resolve to support with market whispers suggesting that any attempt at 1.4200 is likely to resuly in a concerted response from the central bank (and it won’t be pretty).