Currency Forecast, August 28th 2013

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Currency Forecast, August 28th 2013
Currency Forecast, August 28th 2013

Currency Forecast, August 28th 2013

Alright the move in the EURCHF (for those who traded the idea of the binary option) was not bad at all. For those, it is time to take profit now here at 1,2290.

Also the EURJPY and USDJPY made a nice move lower and I took profit there, as I would not exclude a small correction higher again, though I have to say I would stay out if it for the moment, as I am not sure at all how the things will look like in Syria over the next 24 hours.

The short EURUSD and long USDCHF position I still like (this has nothing to do with the Syria story, but with the story of the good economy out of the USA and therefore the higher interest rates there in the future).

Also EURHUF is fine for now, though should we see a move above 305,25 I will think about a stop for the position. (Depends then if I hear about large stops or not.)

As mentioned above, I would more or less stay out of the market for now and wait what will happen with Syria, though for those who like to trade (like me), I still would suggest to sell the EURUSD and buy USDCHF here at current levels if you are not short and long yet.

Just for those who like to hear my opinion: I think the first bombs will fall on Syria this Thursday afternoon/evening and EURJPY, USDJPY, EURCHF, EURUSD will move lower on that, but that’s just what I think about the situation (feeling only).

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 1,3375 , USDCHF 0,9190 , EURCHF 1,2288 , USDJPY 97,35 , EURJPY 130,25 , EURHUF 302,00 , USDCAD 1,0510 , GOLD 1.423,00

EURUSD

(Entry lvl):

Current position: Short 3 @ 1,3150

Target:

Stop lvl:

Last trade:

P/L (ytd): -110 pips

USDJPY

(Entry lvl):

Current position: flat

Target:

Stop lvl:

Last trade: Bought 1 @ 97,40

P/L (ytd): +1810 pips

EURJPY

(Entry lvl):

Current position: flat

Target:

Stop lvl:

Last trade: Bought 1 @ 130,25

P/L (ytd): +640 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