I have no great ideas this a.m., just a couple general observations:

USD/CHF looks to need back over 79 USD/CHF ( app 126.75 futures) for the board to have a risk on footing. AUD/USD & EUR/CHF highs yesterday were both significant! Both would need closing prices over those levels for the world to go full RISK ON again.

Choose your poison and your time frames wisely…there are plenty of surrogate trades out there with low risk profiles. I.E. if you were bearish the U.S. equity markets, you had the trade location and the risk parameters in the AUD/USD to try a short with a 20 tick stop.

The Sarkozy-Merkel press conference will be occurring in the lowest volume part of the day today! 6:30 p.m. Paris. You might want to think about stepping out for lunch at a different time today.

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