EUR/USD fell on Monday, but managed a bounce during the US session as the Americans did what they do - sell their currency. The EFSF had a relatively weak bond auction for the day, and it originally pushed the pair down. However, as the Europeans went home - the Americans came in and bought the pair. The 1.40 level ahead looks very resistive to us, and should continue to see a cap on this market in that area.
EUR/CHF jumped on remarks by a SNB member named Jordan during the Monday session. He was quoted as saying the SNB will continue to act as needed in the value of the Franc. The pair has bounced to 1.24, which was near the recent highs. Knee-jerk reactions like this rarely last though.
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