USD/CHF completely reverses its up move (did I mention this is an illiquid time?)
The stops to buy USD/CHF were hit, and flushed (big time) and now the move has completely reversed
Early Asia on a Monday is often a quiet time, but not always, as you have seen so far.
Its not for the faint hearted.
Many say that this low liquidity time is a bug for the system. Others, though, argue its a feature. It'll depend on which side of the fence you are on, and may vary week to week :-D
Please do note ladies and gentlemen that these sort of moves in very early Asia are not that unusual. They are not a regular occurrence, but they do happen from time-to-time. The thing about this time of the trading week, and I warn on this each and every Monday, is the lack of a liquid market. It makes the market susceptible to such moves. Other factors are required to see a big move, but its the thin liquidity that can tip the balance.
Earlier posts on the upmove: