Currency Forecast, January 21st 2014

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Currency Forecast, January 21st 2014
Currency Forecast, January 21st 2014

Currency Forecast, January 21st 2014

Nothing has changed at all overnight. The only currency which moved at least a bit is the YEN. Maybe we may get a chance and can sell some USDJPY at 105,00.

Most currency pairs are currently trading in the middle of their midterm ranges, so it is a bad time to open a new position. This week seems to be a good one for those who like to make money by trading binary options, as I would trade those, where the spot rate must not trade outside a range. This would be perfect to play for EURCHF, EURUSD.

Do not play this with USDCAD (even if you would receive a high premium for it). The rate decision tomorrow (Canada) could really shake that currency.

Today the ZEW index will be released out of Germany, but I don’t see there any big impact – maybe 20 pips in one direction and that’s it. All in all I expect another quiet day for today.

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 1,3555 , USDCHF 0,9115 , EURCHF 1,2335 , USDJPY 104,60 , EURJPY 141,75 , EURHUF 301,90 , USDCAD 1,0955 , EURTRY 3,0320, GOLD 1.253,00

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

USDJPY
(Entry lvl): Sell 2 @ 105,00
Current position: Flat
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: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURHUF
(Entry lvl):
Current position: Short 2 @ 299,90
Target:
Stop lvl:
Last trade:
P/L (ytd):

USDCAD
(Entry lvl):
Current position: Short 3 @ 1,0718
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURTRY
(Entry lvl):
Current position: Short 2 @ 2,9580
Target:
Stop lvl:
Last trade:
P/L (ytd):

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

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