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Daily Observations: December 10, 2012

Daily Observations: December 10, 2012

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Long EURCHF from 1.2018, Stop at 1.1990, Target 1 at 1.2500, Target 2 at 1.2750

- Long USDJPY from 80.65 (1/2), Stop at 82.05 (daily close), Target 2 at 83.30

Recently Closed Positions:

- Closed Short EURUSD (1/2) from 1.3110 at 1.3030 for +80-pips.

- Closed Short EURUSD (1/2) from 1.3110 at 1.2905 for +205-pips.

Time Frame: 1-day to 1-week

Bottom line: looking to sell US Dollar strength ahead of the Fed meeting on Wednesday, in particular against high beta (AUD, CAD, NZD). Also attempting to sell Euro rallies against high beta given outcome of ECB Rate Decision and Italian PM Monti resigning.

Any other trade ideas and general macroeconomic musings can be found in the Real Time Newsfeed, or by following me on twitter @CVecchioFX.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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