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USD Forex Trading Program: 06/19/2013

Jamie Saettele, CMT

I remain long USDCHF (.9110 stop). The USDJPY stop on longs was moved up to 95.25 last night so I'm flat USDJPY heading into FOMC.

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.

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