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Daily Observations: February 22, 2013

Daily Observations: February 22, 2013

Christopher Vecchio, CFA, Senior Strategist

Current Positions:

- Long EURCHF from 1.2018 (1/2), Stop at 1.2218 (locked-in +200-pips), Target 2 at 1.2750

- Long USDJPY from (1/4) 90.35, Stop at 91.85 (locked-in +150-pips), Target 2 at 93.30 HIT, Target 3 at 95.00

Time Frame: 1-day to 1-week

Recently Closed Positions:

- Closed Short AUDUSD (1/2) from 1.0345 at 1.0300 for +45-pips.

Heading flat into the weekend outside of the Long EURCHF and Long USDJPY positions, given Italian elections - not worth keeping any irons in the fire at this point in time. New positions in EURUSD, GBPUSD, and AUDUSD will be taken next week - looking to sell rallies across the board as the US budget sequester comes into the picture.

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

I also host a weekly Live Trading Q&A in DailyFX Plus, on Tuesdays at 07:15 EST / 12:15 GMT, in which I delve deeper into my positions and thought processes behind my analyses.

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

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