As we noted earlier, cable has made an impressive move higher in the last 2 sessions and the mood there has definitely swung from bearish to neutral at least. The EUR/USD has been experiencing some heavy short-covering over the last few weeks and this is showing no sign of abating anytime soon. USD/CHF continues to fall and even a strong technical support level like a 61.8% retracement has simply been ignored which suggests further falls in store. Even the AUD/USD, which a few weeks ago we would have said had 0% of getting back above 90 cents before the end of June is headed in that direction. Selling the USD on rallies against your currency of choice certainly looks like the way to go at least until the Northern Hemisphere summer holidays are over.