Currency Forecast, December 5th 2013

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Currency Forecast, December 5th 2013
Currency Forecast, December 5th 2013

Currency Forecast, December 5th 2013

EURJPY and USDJPY touched important levels on the downside with 139,00 and 102,00 – so there is a good chance that we really have seen the high and this will now be a bigger correction to the downside.

EURHUF also held quite well around the 303,00 level and I would see it quite fast again below the 300,00 level.

USDCAD is stuck for now around 1,0670 , but the CAD is much too weak and should trade closer to the 1,0000 level.

Gold price also moved back above the 1230,00 level and close to 1240,00. I expect gold to be above 1250,00 again in the next few days.

EURCHF looks quite interesting here, as the SNB would be there anyway, so it is a good buying opportunity here and I bought some at 1,2265.

Tomorrow the ECB rate decision (which will be unchanged) could be interesting regarding the statements of Draghi, if he will mention that negative interest rates could be possible or not.

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 1,3605 , USDCHF 0,9020 , EURCHF 1,2265 , USDJPY 102,05 , EURJPY 138,85 , EURHUF 302,30 , USDCAD 1,0675 , GOLD 1.234,00

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 3 @ 100,18
Target:
Stop lvl:
Last trade:
P/L (ytd): +2240 pips

EURJPY
(Entry lvl):
Current position: Short 3 @ 134,90
Target:
Stop lvl:
Last trade:
P/L (ytd): +1078 pips

USDCHF
(Entry lvl):
Current position: Long 3 @ 0,9366
Target:
Stop lvl:
Last trade:
P/L (ytd): +440 pips

EURCHF
(Entry lvl):
Current position: Long 2 @ 1,2265
Target:
Stop lvl:
Last trade: Bought 2 @ 1,2265
P/L (ytd): +741 pips

EURHUF
(Entry lvl):
Current position: Short 3 @ 300,00
Target:
Stop lvl:
Last trade:
P/L (ytd): +2540 pips

USDCAD
(Entry lvl):
Current position: Short 2 @ 1,0620
Target:
Stop lvl:
Last trade: Sold 2 @ 1,0620
P/L (ytd): +500 pips

XAUUSD (Gold)
(Entry lvl):
Current position: long 2k @ 1.233,50
Target:
Stop lvl:
Last trade: Bought 1k @ 1.222,00
P/L (ytd): +258.000 USD

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