In what has been a typical Asian morning session, some of the overnight moves are being consolidated or retraced. Others would call it momentum killing. I’m not complaining, my USD/CHF hourly chart is starting to look like it might build a constructive base around 1.0770 although this might just be wishful thinking on my part. EUR/USD has slipped back to 1.4050 from a high at 75 and cable is at 1.6300, down 30 pips from it’s earlier session highs.