Currency Forecast, February 4th 2014

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Currency Forecast, February 4th 2014
Currency Forecast, February 4th 2014

Currency Forecast, February 4th 2014

USDJPY traded below 101,50 – so I bought some at 101,50. I think the USDJPY will move upwards very soon, as the emerging market already calmed down a bit. This should be also good for the stock market and therefore also good for the USDJPY.

EURPLN moved already towards 4,2100 – I will close the position, should it trade down to 4,1900.

EURTRY and EURHUF also moved a bit lower, but there I see a lot more potential, so I like to keep the whole position until it trades down at 3,0000 and 300,00. There I only like to buy 1 for each currency pair – to be able to sell again at least once in case of a rebound.

EURCHF traded very quick again above 1,2200 – so I see a lot of buying interest below 1,2200 (of course everyone buys there with the SNB at 1,2000 – so maximum loss could be 200 pips). EURCHF is one the biggest opportunities there are for this year to get involved, as it would never trade below 1,2000 and has a lot of upside potential.

EURUSD will stay within its current range 1,34-1,37 as everyone is waiting for the Non-farm payrolls which will be released this Friday.

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 1,3510 , USDCHF 0,9040 , EURCHF 1,2215 , USDJPY 101,35 , EURJPY 136,95 , EURHUF 310,50 , USDCAD 1,1115 , EURTRY 3,0510, GOLD 1.255,00

EURUSD
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +280 pips

USDJPY
(Entry lvl):
Current position: Long 2 @ 101,50
Target:
Stop lvl:
Last trade:
P/L (ytd): +90 pips

EURJPY
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +375 Pips

USDCHF
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURCHF
(Entry lvl):
Current position: Long 3 @ 1,2265
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURHUF
(Entry lvl):
Current position: Short 3 @ 303,70
Target:
Stop lvl:
Last trade:
P/L (ytd):

USDCAD
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): -1146 pips

EURTRY
(Entry lvl):
Current position: Short 3 @ 3,0093
Target:
Stop lvl:
Last trade:
P/L (ytd):

XAUUSD (Gold)
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURPLN
(Entry lvl): Buy 2 @ 2,1900
Current position: Short 2 @ 4,2400
Target:
Stop lvl:
Last trade:
P/L (ytd):

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