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USD Forex Trading Program: 06/06/2013

USD Forex Trading Program: 06/06/2013

Jamie Saettele, CMT, Sr. Technical Strategist

Focus is on the GBPUSD at these levels, which has entered the bottom of a resistance zone defined by the 4/11 high (1.5409), 5/7 low (1.5445), 5/3 low (1/5480), and 78.6% retracement of the decline from the May high (1.5478). The line that extends off of the September and November 2012 highs and February highs is at current price.

I'm currently long USDJPY (yesterday) from 99.30. The 98.80 stop has been challenged several times overnight and this morning but hasn't been hit. Targets are 101.30 and 102.00.

I'm still looking to get long USDCHF (stopped out yesterday for -30 pips). If a low isn't in now, then we could get one tomorrow on NFP. .9333/47 is possible support. Watch for divergence between the EURUSD and USDCHF as well (a new EURUSD high and USDCHF holding above the low).

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