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Daily Observations: January 15, 2013

Daily Observations: January 15, 2013

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Short AUDUSD from 1.0540, Stop at 1.0590, Target 1 at 1.0470, Target 2 at 1.0400

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

Time Frame: 1-day to 1-week

After a 11 months, the Long EURCHF trade is working out, well, as it should be, given what's going on in the Euro-zone and in Switzerland (addendum: obviously this is my bias, otherwise I wouldn't have taken the long side). In yesterday's Morning Slices report I noted that "the three month 25-delta risk-reversal rate for the Franc versus the Euro reached a record 1.48 percentage points in favor of options to sell, earlier today. Bottom line: the Franc could be on the verge of a major unwind." This should help the Long EURCHF trade.

Today, during my weekly DailyFX Plus Trading Q&A, I took a Short AUDUSD position based on the hourly Triangle breaking to the downside. With significant Australian event risk on the docket, this trade might be short lived - in either direction. I don't imagine holding this for more than 24-48 hours.

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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