The Risk Today:
-----------------------
EurUsd The move from 1.3072 down to 1.2750 spanning the last 3 days has shown the un-
sustainability of the Euro's momentary bull run. 1.2825 being the initial resistance (tested once this morning an 23.6% retracement on above mentioned move). Focus is on the downside as a consolidated price action and NFP today aims for 1.2707 (Feb 2nd Low) via 1.2750 – eventual mishap could see renewed EUR strength with 1.2813 and 1.2840 in sight.

GbpUsd GBP/USD edges higher to 1.4577 but lacks follow through buying yet. Nevertheless, intraday bias remains mildly on the upside as long as 1.4324 minor support holds. As discussed before, a medium term bottom might be in place at 1.3053 after failing to sustain below key long term support of 1.3680. Further rally is now in favor towards 1.5722 resistance next.

UsdJpy USDJPY Yesterdays Yen weakness saw the pair trade as high as 92.28 – Jan 8th high. Risk averse trades have meant that the pairs price action has been inversely traded. 91.03 stands as the initial support (50.00% retracement). Continued Yen weakness opens the doors for 91.68 then 92.00.

UsdChf Pair breaks previous range to trade as high as 1.1743 and consolidating. development is consistent with the view that rise from 1.0366 is still in progress. Above 1.1743 will confirm rally resumption and target a retest of 1.2248/96 resistance zone. However, note that break of 1.1400 support will confirm that rebound from 1.0366 has completed and will bring deeper decline towards 1.0864 cluster support.