A CTA in San Diego California (Southern California Naval Base and beautiful city) reminded me long ago that “markets overshoot.” I am of the opinion that may apply to today’s price activity in some currencies but the dominant trend of say a week time frame has not been broken for them. UsdChf included, where the dominant trend is still the sell side even with the overshoot.
In my view EurUsd remains a buy and has not even overshot the trend yet. I really hope Geo events do not change that because it would also mean stocks get pummeled along with a lot of people’s net stock worth. Fridays tend to have that dynamic quite a bit.