Currency Forecast, August 26th 2013

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Currency Forecast, August 26th 2013
Currency Forecast, August 26th 2013

Currency Forecast, August 26th 2013

Not much was going on in the last 24 hours, only Gold moved higher towards the 1400,00 level, but I expect a move lower soon again.

USDJPY moved some pips lower and so did the EURHUF and USDCAD, which is not bad. Only the EURUSD and USDCHF would need to move a bit more in the right direction, though I feel very confident to see a lower EURUSD and higher USDCHF exchange rate soon.

Monday should be a quiet day, as there are no economic data out and there were no news at all over the last 24 hours. For those who see some danger with Syria that the USA could start a war, I have to say, that will never happen as it would be too expensive for the USA and also it would be too dangerous if then Iran would be in a war with the USA, so the USA will definitely stay out regarding Syria.

My recommendation (if you prefer to trade binary options instead of spot) would be to sell a 1 month EURCHF option with a strike of 1,2410 – as I would expect that currency pair to move lower towards the 1,2280 level or at least that it will not move at all. If you trade this option, I would suggest to take profit, should we see spot at 1,2290 or after a bit more than one week (pre the NFP number), should we stay at current levels.

For info, USDJPY I will set a stop profit at 98,50 – but only if spot trades below 98,20.

Good luck,  

**relatedarticle**

Current trades, positions and levels:

For info how the model works: The P/L is always calculated with the size of 1. So if the position is 1 and it makes a profit of 100 pips, the P/L would be +100 pips. If the position is 2 and it makes a profit of 100 pips, the P/L would be +200 pips of course – it is always calculated with the position size of 1. The position could go up to 3, in case the system has a strong view.

Current spot: EURUSD 1,3370 , USDCHF 0,9240 , EURCHF 1,2350 , USDJPY 98,60 , EURJPY 131,80 , EURHUF 298,20 , USDCAD 1,0505 , GOLD 1.396,00

EURUSD  

(Entry lvl):

Current position: Short 3 @ 1,3150

Target:

Stop lvl:

Last trade:

P/L (ytd): -110 pips  

USDJPY

(Entry lvl): 

Current position: Short 1 @ 98,90

Target:

Stop lvl:

Last trade:

P/L (ytd): +1660 pips  

EURJPY

(Entry lvl):

Current position: Short 1 @ 131,50

Target:

Stop lvl:

Last trade:

P/L (ytd): +515 pips  

USDCHF  

(Entry lvl):

Current position: Long 3 @ 0,9366

Target:

Stop lvl:

Last trade:

P/L (ytd): +440 pips  

EURCHF

(Entry lvl):  Buy 2 @ 1,2280

Current position: Flat

Target:

Stop lvl:

Last trade:

P/L (ytd): +130 pips

EURHUF

(Entry lvl):

Current position: Short 2 @ 299,90

Target:

Stop lvl:

Last trade:

P/L (ytd): +1560 pips

USDCAD

(Entry lvl):

Current position: Short 2 @ 1,0520

Target:

Stop lvl:

Last trade:

P/L (ytd): +240 pips

XAUUSD (Gold)

(Entry lvl):

Current position: short 3k ounces @ 1343,00

Target:

Stop lvl:

Last trade:

P/L (ytd): +118.000 USD

To contact the reporter of this story: Marco Bomer at marco@forexminute.com