EUR/CHF will begin the new month at fresh record lows and this may encourage some of the bigger macro funds to join in the rout, those that aren’t already involved that is. I think it was Paul Tudor-Jones who said that his best trades often came when he realised he was wrong and then doubled up in the other direction. Well I’ve been very wrong on EUR/CHF for the last 10 big figures but I certainly don’t have the stomach to reverse strategy and double-up.
Regarding USD/JPY, if the BoJ don’t turn up to defend recent lows at 83.50 then I think we can ignore their blusterings (in fact most of the market seems to be already doing so). As Jamie mentions below, if corporate Japan are still on the offer then this pair is probably set for lower levels.
GBP seems to be losing a bit of its recent glitter whilst the EUR and AUD are jogging on the spot.
Good luck today.