Currency Forecast, January 22nd 2014

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Currency Forecast, January 22nd 2014
Currency Forecast, January 22nd 2014

Currency Forecast, January 22nd 2014

The big surprise yesterday was regarding Turkey. A raise of interest rate of 1% was priced in, but the national bank did nothing. EURTRY jumped immediately 300 pips higher but finally settled down around the 3,0550 level.

USDCAD: We took out most of the stops on the upside, which were above 1,1000. That’s why I said that I would like to wait for a level of 1,1100 before, to stop my position.

EURUSD and EURCHF traded as expected and as I mentioned yesterday in a very tight range and I also expect that for today. Again, if you like to trade binary options, it would be perfect to trade those options with a range, where the spot rate must not break through on the top side and down side of that range.

Today will be Bank of Canada event (rate decision). I guess the comments afterwards will shake the USDCAD exchange rate a bit.

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 1,3545 , USDCHF 0,9115 , EURCHF 1,2345 , USDJPY 104,35 , EURJPY 141,35 , EURHUF 302,40 , USDCAD 1,0970 , EURTRY 3,0560, GOLD 1.240,00

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