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Today’s Trading Plan 07.08.17 – USDJPY, GBPCHF and USDJPY
*Good morning/afternoon everyone!*
It is another quiet morning in the foreign exchange market with the U.S dollar trading lower against all of the major currencies except for GBP. There’s nothing to explain the move outside of consolidation as U.S. yields are slightly higher. We have absolutely nothing on the U.S. calendar today and overnight data did not have an impact on regional currencies. Euro for example is back above 1.18 despite softer German trade data while weaker imports/exports failed to pressure AUD and NZD lower. USD/JPY could trade heavy during the NY session as it has broken below ll major moving averages on the 4 hour chart.
*The MAIN THEMES I see today are*
-USD, -GBP, -JPY,
+EUR, +CAD, +CHF, +AUD
*Today’s Potential Ideas*
1. Sell GBPCHF at market now 1.2672, Stop 1.2712, Target 1.2642
2. Sell USDJPY at market now 110.42, Stop 110.82, Target 110.22
3. Place Order to Sell USDCAD at 1.2660, Stop at 1.2690, Target 1.2634
Cancel ALL pending orders by 3:30PM NY / 19:30 GMT / 5:30AM AEST
Close ALL open day trades by 4PM NY / 20 GMT / 6AM AEST
**NOTE GBP/CHF target is lowered to 1.2642