The European session is underway with very little movement in forex, equities, and commodity trade. The major pairs are side winding on very light volume, which is fine, and are all trading around their neutral pivot point areas where there look to be as many buyers as sellers at this point in time. Patience is key as we await any breaks from the tight price ranges.

Cable has the 100 day SMA as resistance at 1.4650, (and also has Retail Sales numbers released at 05:30 EDT), the yen is bouncing off support at the 20 day Simple Moving Average (SMA) at 97.60, and the swissy is holding steady just above the 200 day SMA at 1.1215. Unless these pairs break free of these price points it is unlikely that any of the other cross pairs will move too far. The U.S. session should be likely as employment numbers get absorbed, and as we watch the S&P test resistance ahead at 835.