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Hi Pete,
well, I think there was a rally of about 200 pips, but it occurred during weekend and was inaccessible and even invisible to us, mere mortars. I think big institutions may have an ability to trade on weekends, just like they trade US stocks overnight.
So be it a weekday, we most probably would have seen a rally. But +200 pips in CHF was already an end of that invisible rally, and then smart money just faded the gap, again, in the way they do it in stocks.
Cheers,
vzhig
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