We are faced this week with the FOMC meeting. As usual we do not expect them to change rates in any way, the key will be the verbiage of the statement itself which is always subject to interpretation. So do NOT expect this meeting to offer more clarity. In fact we expect the opposite. Also the questions surrounding Mr. Bernanke’s reappointment loom over this meeting. So that should all continue to foster the choppy environment we have enjoyed so far this year. We are still looking longer term to accumulate long Dollars on major breaks.
EUR/USD:
Selling rallies continues to be the overall theme. That being said we are taking some longs on breaks near the 1.40 level.
GBP/USD:
The Cable is also still a sell on major rallies. But here to we are also taking some longs on pushes towards the 1.60 level.
USD/CHF:
We are happy sellers north of 1.04 early this week looking for a move back towards the 1.0250 level.
USD/JPY:
This pair is near the mid point of it’s medium term range and is therefore more riskier than usual. We are looking to buy major dips but we will be very patient with any Yen pairs this week. Same comments as last week as it still holds true.
USD/CAD:
We are now selling the longs we accumulated and beginning to take shorts above the 1.06 level.
AUD/USD:
This pair is also a sell a sell on major rallies.
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