How to Trade the Jobs Report

To start your new year off right, a key jobs report will land at the end of the week. Here's how to trade it.

This Friday will bring the first key jobs report of the year, and Amelia Bourdeau, director of foreign exchange at Westpac Institutional Bank, has a trading plan.

"I see two scenarios" for the data, she says.

If nonfarm payrolls comes in lower than expected—or under 100,000 with a tick up in the unemployment figure—Bourdeau wants to sell the Australian dollar .

"It's a risk-averse trade. Aussie of very sensitive to the growth environment, and if it's slowing, Aussie's not going to do well," she told CNBC's Melissa Lee.

But Bourdeau is feeling optimistic, she says, and she expects the number to come in above the consensus forecast of roughly 148,000. So she recommends buying the dollar against the Swiss franc .

"With U.S. data strengthening, Swiss franc should weaken. There's not as much of a need for that safe haven."

Bourdeau wants to enter the trade at 0.9400 with a target of 1.0000 and a stop at 0.9240.

You can watch the discussion on this videotape, starting at 11:30.

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