Currency Forecast, January 29th 2014

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Currency Forecast, January 29th 2014
Currency Forecast, January 29th 2014

Currency Forecast, January 29th 2014

As expected, the Turkish Central bank did something huge and this rate hike was big news. They increased the rate by 5 percent, which is close to double the rate. EURTRY immediately collapsed and is currently trading again below 3,000. This measure should calm down the market and I think EURTRY will continue to move lower and 2,9000 could be seen very soon. As already said, I like to keep the EURTRY position for a long time as it is a perfect carry trade (now even more) and I expect EURTRY to be at 2,6000 or even lower by the end of this year (plus then another 1000 pips or more of carry).

EURHUF also looks ok and is trading below 303,00 – Same here – I think we will trade below 300,00 again very soon.

EURJPY and USDJPY are still trading within this range, where they need to break out, before I like to get involved.

EURCHF should continue its upward trend and 1,2350 should be seen soon.

Also EURUSD should be only a matter of time (days) until it breaks the support and moves lower towards the 1,3500 level.

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 1,3660 , USDCHF 0,8995 , EURCHF 1,2285 , USDJPY 103,15 , EURJPY 140,95 , EURHUF 302,80 , USDCAD 1,1150 , EURTRY 2,9750, GOLD 1.252,00

EURUSD
(Entry lvl):
Current position: Short 2 @ 1,3685
Target:
Stop lvl:
Last trade:
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:
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