About the best I can offer in USD/JPY and USD/CHF is that what can’t go up must come down. I figured we’d see a relief rally in those pairs if the US struck a deal on the debt ceiling and we did, for a very, very short while.
Since then it has been down for both USD/JPY and EUR/JPY as well as the USD/CHF and EUR/CHF. Stumped, is all I can say.
A US investment bank with a slightly unsavory reputation has been a rumored seller of CHF pairs today, for what it is worth…
sni