The only significant developments in the COT are in the Swiss Franc futures. Speculators are extremely short CHF futures, which suggests a CHF bottom (USDCHF top).
The Euro rallied over 100 bps after the release of the Euro-Zone October producer price report. The single currency found support despite factory gate prices falling 0.8% which was greater than the 0.3% that economists had predicted.
Euro / dollar resistance should be strong in the 1.28-1.30 zone. It is possible that a rally to there completes a triangle that began at the end of October. The next move would be lower, below 1.2330.
The GBPCHF plunged 750+ pips to end the previous session at 1.7953, and the pair may face increased selling pressures over the week as investors continue to curb their appetite for risk.
Forex traders pushed the Australian dollar higher despite a hefty 1.00% interest rate cut as the RBA signaled it was done lowering borrowing costs for the time being. Inflation data is on tap for European hours with Euro Zone Producer Prices and Swiss Consumer Prices set for release.