Today’s Trading Plan 08.10.2017 – CHFJPY, GBPCHF

*Good morning/afternoon everyone!*

Despite a downtick in U.S. yields, the U.S. dollar is trading higher against all of the major currencies this morning except for the Yen. USD/JPY continues to be weighed down by geopolitical risks with U.S. stocks aiming for another lower open. Attempts to diffuse the situation by Secretary of State Tillerson has been met by more antagonistic comments from Trump and North Korea. USD/JPY is starting the NY session at its lows and appears to be eyeing 109.50. The New Zealand dollar is the weakest performer this morning, down 1% following the RBNZ rate decision. Having live traded this announcement with many of you, what’s interesting is how long it took the market to figure out what it wanted to do. It wasn’t until the Tokyo open and more accurately, the pre-London open that NZD fell quickly and aggressively. Sterling rebounded off its lows following mixed UK data. Industrial production growth beat expectations but the trade deficit increased more than expected. 1.3050 remains key resistance.

*The MAIN THEMES I see today are*

-USDJPY
-NZD
-CAD

*Trading Biases*

-USD, -NZD, -CAD
+JPY
mildly -EUR, -GBP
neutral AUD, CHF

*Today’s Potential Ideas*

1. Sell CHFJPY at market now 113.65, Stop 114.05, Target 113.45
2. Buy GBPCHF at market now 1.2558, Stop 1.2518, Target 1.2578

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

Swing

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