Key levels against traditional low yielders CHF and JPY, and morning update, EURUSD on the cusp.

Over the past 2/3 weeks the tide has turned sharply against the the traditional safe-haven low yield currencies CHF and JPY. Last week I highlighted that these in terms of EURCHF and USDJPY are both close to making serious moves higher.

Overnight ( I write this at 10.30 pm UK time) the USDJPY has marginally breached key resistance, I think a day-time break and hold needs to be seen to add weight to this break. Also EURCHF is pushing the double-bottom break line at 1.3205, a clean break of this line could see a sharp rally to close to 1.3900. - I guess will need to see the outcome of the ECB before such a key level is given any serious work.

See charts attached.

 AM Update - Wednesday 6th April.

 EURUSD is on the cusp of a major breakout, which could see a sharp move towards high 1.4000s. the 1.4285/1.4300 is something I have banged on about for a while. This held the first major test, however currently it is pushing right into it. - A sustained break, could be the catalyst for a move to the high 1.4000s in coming weeks/months, and the catalyst for a bigger move longer-term. - Obviously tomorrow's ECB will be a factor on whether it can break, or hold a break.