The dollar has quiet fairly quickly. EUR/USD is trapped in a 1.2480-1.2580 range, USD/JPY in trading mid-range at formerly active 118.80 level of late, and EUR/JPY is really anyone's guess. You should now be flat in USD/JPY. I was looking at getting long USD/CHF above the figure, but a closer look at the 15-minute chart shows the technical support to be at 1.2680. The stops should go just below 1.2660, which means look to book partials at 1.2720. This is more of a short swiss play than long dollars as EUR/CHF continues to trade near the highs. So position size a little smaller in this overall quiet dollar environment.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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