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  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.45% US 500: 0.20% France 40: -0.10% Germany 30: -0.25% FTSE 100: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/umSIPmSxrY
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  • $USDMXN strong breakout from the falling wedges that had built coming into this year. Prices now finding resistance at 50% marker of the 2017-2020 major move whether looking for usd strength or weakness, there's attractive items on $USDMXN for either https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/03/08/Mexican-Peso-Price-Forecast-MXN-USDMXN-USD-MXN-Breakout-to-Fibonacci-Resistance.html https://t.co/7TwqgZDXfH https://t.co/ocsiEw3IwC
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Forex Strategy 02.28.2013: Stay Short EUR/SEK and GBP/USD

Forex Strategy 02.28.2013: Stay Short EUR/SEK and GBP/USD

Ilya Spivak, Head Strategist, APAC

I sold EURSEK at 8.7315 expecting Risksbank to keep rates on hold while the ECB leans toward easing in 2013 as recession lingers. I added to the position at 8.6409 as a corrective rebound launched in early January faltered. Prices are now consolidating below resistance at 8.4764 and I wil continue to hold short, looking for a close below 8.4234 to expose 8.3618. A stop-loss will be triggered on a close above 8.6377.

I also continue to hold short GBPUSD at 1.5662. Prices have now surpassed my second objective at 1.5296 and I will continue to hold short, aiming for a break below 1.5132 (100% Fibonacci expansion) to expose the 1.50 figure and 1.4965 (123.6% Fib). The stop-loss has been revised to be triggered on a close above the breakeven point (1.5662).

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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