Yesterday saw the market get very short on the slow approach to the 6th Jan low, which it eventually broke through leaving an excess low, and then rallied hard forcing a rapid short covering. NYSE composite volume was a healthy 4.3bn shares

Overnight has seen over a 30 point range following news that the SNB have removed their currency cap on the Swiss Franc and moved their deposit rate further into the negative to -0.75%. EURCHF went from 1.20 to 0.75 at one point, and has now settled around 1.05. This has potential for major funds to have been wiped out and we could see knock on effects in the next few weeks and months I think. I wouldn't be surprised to see a big sell off through yesterday's low as funds are forced to liquidate assets. However, I'll need to be guided by market generated information for any trades long or short. Volatility will be high so I intend to let things settle down after the open.

The overnight profile shows the wide range and volatility:

2018.50 is a bull/bear zone as the highest volume at price in the current range. Failure to hold above should target yesterday's low and the 1957.50 HVN and measured move.

Once accepting above this level, the 2029 HVN above is the next target and the thin profile above from Tuesday.