Early in the year many have not built up a P&L cushion so they are quick to book profits and to trim losses, making the market ultra choppy. EUR/USD launched over 70 pips to the mid 1.2970s from 1.2904 lows and USD/CHF disappointed bulls by stalling short of 0.9800 and has no slumped back into the 0.9730s.
Looks like a market where you want to rent positions, not marry them…
Traders reported interest to play the ranges from Middle Eastern central banks. As well, A US investment bank has interest to sell at 1.2990/00.
