It appears that trading is relatively thin this evening. Price formation among the majors is characterised by small average range variations in clearing prices at most intervals punctuated by 15 to 20 pip spikes, occuring in either direction, that are quickly returned. The latter is indicative of low liquidity. The usd/chf has recently begun heading towards 1.46 though the dollar has been gradually declining most of the session. The usd/chf seems prone to erratic reversals and occasionally decouples from both dollar and euro movements. I've closed the 70,000 usd/chf short for a 24pip loss an am going to place a limit order to short usd/chf @ 1.46 for 100,000 units. This will be intended as a medium range trade targeting 1.44 w/ a stop @ 1.4715.
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