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Asian and European equities move higher/lower (delete one), Wall Street futures reverse the gains/loses (dele one). Chose any day in June, delete as appropriate and the headline fits all. The variable each day is how many attempts currency pairs have before they then break and hold, if at all, and that creates intra-day volatility that is challenging. This is an intra-day traders market right now, with characteristics of a channeling range being set.

Channel Trading; low volume, no trend, low speculative interest (reducing ATR). It forces the buying of support, and the selling of resistance probably at the times that each regional market opens and closes. Then in between it goes sideways. We have moved into a channeling market, the 4 hour charts now show it well, and for confirmation we have reducing ATR, and reducing global market volume.

The major pairs have averaged 71 pips of movement off the dollar on Friday. The average daily trading range of all the majors is 180 pips, so there is room to move. But, most importantly, before breaking and holding that average 71 pips, all of the pairs retraced at minimum 80% of the initial move. As we write it looks as though further retracement may be on the way. Trying to take a slice out of 71 pips, on a day of global market intra-day reversals, that would need a minimum 1:1 risk to reward ratio to hold the initial break, is not something to be encouraged. Roll on Sunday.