USD Forex Trading Program: 06/19/2013
For USDCHF, I'd like to see a move into .9290-.9333 and pullback from there in order to add to the position for continuation to .9470.
AUDUSD longs were also triggered last night (see technicals) so I'm quite involved with AUD (at good prices) heading into FOMC (short EURAUD triggered yesterday....stop 1.4250 and soft target at 1.3600).
I do maintain a bullish bias on USDJPY but enjoy the flexibility of being flat heading into FOMC. React to the reaction later today...a news fade trade may very well present itself. I've got an eye on the 94.43/63 (high volume area) as an area to buy into. Estimated resistance is 96.53/62. Risk control is always paramount but especially during a volatile news event. You've got to give yourself room to be correct but not enough room that you can get hurt.
I get the sense, from conversations through Twitter and in person, that many traders are looking for a final spike into 92.55 (April low) before a more significant retracement of the decline. While respecting the potential for this scenario to unfold, it almost seems too good to be true.
Follow me on Twitter @JamieSaettele
Email List (Technicals sent in PDF form once a day)
Sentiment in the Forex Market (my book)
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.