As Jamie reported on Friday, there is a knock-out option at 1.2900 in EUR/USD which will be defended and it is presently quoted at 1.2890. USD/JPY has failed to rally in any meaningful way and reports that the same hedge funds who bought over the last two weeks are now selling rallies is not encouraging for USD/JPY bulls. USD/CHF is being quoted much lower on Reuters this morning and I’ll go check if it is in fact trading there in early interbank trade or if it’s another false quote.

Good luck today.