[B]My picks:[/B] Sell GBP/USD on Break Below 1.62, Sell USD/CHF on Daily Close Below 1.10
[B]Expertise:[/B] Fundamentals Combined With Technicals
[B]Average Time Frame of Trades:[/B] 1 Day - 1 Week
There are two trades here I’m considering that will take into account two USD scenarios. In case USD breaks higher, I’m looking to sell GBP/USD on a push below 1.6200, where we have the June 16, 17, 18 and 23 lows, as well as the 50% fib of 1.5801-1.6621. Since the pair has been so keen on range-trading, I’d like to set a target near 1.5950/1.6000.
In case USD pulls back, I want to sell USD/CHF on a daily close below 1.1000, as there is sigificant resistance on hand from former support (early May) and the 50% fib of 1.1425-1.0590 at 1.1006. Stops should be placed above yesterday’s highs, and potential targets include the recent lows of 1.0632/44.
My most recent GBP trade has worked out pretty well, as I sought to look for opportunities to sell GBP/JPY last Thursday. I did so on Friday and closed the position two days ago after the pair failed to break below 155.00, but I would consider selling again if we do ultimately see such a break.