STIR: BLOCK: Dec'25 SOFR Call Spread

Schatz Swap related trade, suggest Payer:

• DUH5 11.65k at 106.66.

• In FX, EURUSD is trading higher today. The latest recovery appears corrective, however, the pair has recently breached the 20-day EMA and pierced trendline resistance at 1.0383, drawn from the Sep 30 ‘24 high. The move higher has exposed the 50-day EMA at 1.0460. Clearance of this average would strengthen a bullish condition and open 1.0513, the Dec 18 high. Initial support lies at 1.0260, the Jan 15 low.
• A short-term bullish corrective cycle in GBPUSD remains in play, for now. Initial firm resistance to watch is 1.2369, the 20-day EMA. It has been pierced, a clear breach of the average would highlight a stronger corrective phase and signal scope for an extension, possibly towards the 50-day EMA, at 1.2537. The bear trigger has been defined at 1.2100, the Jan 10 low. Clearance of this support would resume the downtrend.
• The trend condition in USDJPY is unchanged and remains bullish. The latest pullback is considered corrective. The pair has traded through the 20-day EMA and an extension would signal scope for a deeper retracement. Support to watch is 155.00, the 50-day EMA, and 154.48, a trendline drawn from the Sep 16 ‘24 high. A clear breach of both levels would highlight a stronger reversal. Key resistance and the bull trigger is 158.87, the Jan 10 high.