Currency Forecast, January 24th 2014

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Currency Forecast, January 24th 2014
Currency Forecast, January 24th 2014

Currency Forecast, January 24th 2014

Turkish central bank intervened yesterday actively in the market and sold 2,5 billion USDTRY to stop the weakening process of the TRY. I trust the central bank that they will manage this and keep the position.

EURHUF also moved higher, as most emerging markets currencies weakened, but here is the same as in the EURTRY, it is a carry trade for a longer period.

What I did is sell some EURUSD at 1,3685 – as it is the upper level of the bigger range.

I also bought EURCHF at 1,2280 as I would see there a rebound soon again above 1,2350.

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 1,3685 , USDCHF 0,8975 , EURCHF 1,2280 , USDJPY 103,05 , EURJPY 140,95 , EURHUF 305,80 , USDCAD 1,1110 , EURTRY 3,1420, GOLD 1.260,00

EURUSD
(Entry lvl):
Current position: Short 2 @ 1,3685
Target:
Stop lvl:
Last trade: Sold 2 @ 1,3685
P/L (ytd):

USDJPY
(Entry lvl):
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: Long 2 @ 1,2280
Target:
Stop lvl:
Last trade: Bought 2 @ 1,2280
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: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): -1146 pips

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