Was stopped out of NZDUSD longs last night but remain long USDCHF. Plans are to build a bigger USD bullish position over the next several days on USD dips.
EURUSD
The rally from the 6/10 low is accompanied by pathetic momentum. That level, 1.3176, has already been reached (1.3180 low last night). A bounce back into 1.3272-1.3300 as part of a bigger topping process would present a short opportunity. Evidence of a more important top is seen by yesterday's JS Spike (key reversal + volatility conditions). The last such setup was on 4/4, which proved to be an important low (both days are circled).
GBPUSD
The GBPUSD is working on an outside week reversal. This would be the first reversal from a 13 week price extreme since the week that ended 3/15 (low of the year so far). 1.5564-1.5600 is resistance to sell into against the high.
USDJPY
Focus remains on 98.75 (half the move down and the breakdown level). Would expect any pullback to find support at 97.00/20 (post-FOMC high and pre-European open pivot high). The picture is constructive above 96.00
USDCHF
With .9290 taken out, focus shifts to .9420/90. .9270/90 is now support and I'll be looking to add longs on dips.
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