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Closing remaing GBP/USD shorts at breakeven; long USD/CHF

Closing remaing GBP/USD shorts at breakeven; long USD/CHF

Christopher Vecchio, CFA, Senior Strategist

My long USD/CHF trade was closed at the start of trading on Sunday, hitting the Stop of 0.9145 following the passage of the next round of Greek austerity measures. Given the lack of positive feedback by markets - one would be made to believe that all is "fixed" - the markets are lacking a clear fundamental catalyst to push "risk" higher, at present time.

For now, I will continue to buy USD/CHF on dips (already saw another dip to 0.9120 today). Targets to the upside are: 0.9182, 0.9226, 0.9275, as noted earlier. Ideal entry comes in between 0.9105/0.9120. Stop below 0.9070/90 support, for now.

Any other trade updates can be viewed in the real time news feed, or you can follow me on twitter at @CVecchioFX for trade thoughts and other macroeconomic musings.

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