EUR/USD slips below 1.0720 as USD/JPY lifts above 158.26

Following on from the previous update, the dollar more generally has advanced further this morning and in truth it all seems linked to more upside in the USD/CHF following the decision by the SNB to lower their OCR rate to 1.25%. That has now pushed the USD/CHF to above 0.8900 and that in turn has fed through to dollar gains elsewhere. So, the USD/JPY has now taken out any potential double top at 158.26. As suspected, it also seems to have tripped stops through the level and may have encouraged system buyers to join in on the move close to 158.40. That in turn has delivered a further drop in the EUR/USD. The Euro has now fallen to set fresh session lows underneath 1.0720, notwithstanding corresponding gains in the EUR/CHF and the EUR/JPY. The EUR/USD is currently trading at 1.0718