Yesterday I made the continued bear case for EUR. As I’m writing, EUR/USD is back at the level before the short squeeze on 5/19. A comforting factor for shorts is that EUR/CHF barely breached the level after the rumored Swiss cenbank intervention.
The next critical support in EUR/CHF is 1.4150, where the surge in EUR/CHF on 5/19 took a brief pause and also bounded off of a day later. As long as 1.4150 is not breached, the chance of Swissy stepping in again is small. USD/JPY is looking shaky as it broke down 90; BoJ may be tempted to intervene.