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  • The latest batch of US economic data suggests the economy is weathering delta variant concerns, increasing odds for a Fed taper announcement shortly. Get your market update from @CVecchioFX here:https://t.co/aioT8UU4IJ https://t.co/BhMSqkkV0E
Daily Observations: December 11, 2012

Daily Observations: December 11, 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 tomorrow, 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.

I will be looking long USD following Chairman Bernanke's press conference, as I imagine that the AUDUSD (1.0610/30), EURUSD (1.3110/30), and S&P 500 (1435) will be near key resistance levels if the market has a reactionary move higher (key levels in parentheses), which should be sold as the market begins "pricing in" the next major fundamental catalyst.

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

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