Forex Strategy 03.01.2013: Stay Short EUR/SEK and GBP/USD

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 8.6353.

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.

The article above is about breaking forex and currency news regarding Forex Strategy 03.01.2013: Stay Short EUR/SEK and GBP/USD, if you have any question about it. Please contact us by using the link below. Thanks for your patience.