Currency Forecast, October 29th 2013

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Currency Forecast, October 29th 2013
Currency Forecast, October 29th 2013

Currency Forecast, October 29th 2013

Looks like we are seeing a completely calm week, as nothing has changed overnight. EURUSD is still trading just below the 1,3800 level and also the EURJPY seems to be stuck for now, so another day for people who like to trade small ranges.

I still think that the EUR in general is overbought, only the EURCHF should move higher towards the 1,2400 level and maybe above.

Tomorrow is the FED rate decision which could move the markets again, so if you just like to trade small ranges, I would only do that until this event. Of course the rate will be unchanged, but the press conference and the statements afterwards could be interesting, as it could include something about an ending of the easing policy.

Good luck,

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.

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Current spot: EURUSD 1,3785 , USDCHF 0,8960 , EURCHF 1,2350 , USDJPY 97,55 , EURJPY 134,45 , EURHUF 292,90 , USDCAD 1,0435 , GOLD 1.345,00

EURUSD
(Entry lvl):
Current position: Short 3 @ 1,3150
Target:
Stop lvl:
Last trade:
P/L (ytd): -110 pips

USDJPY
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +2240 pips

EURJPY
(Entry lvl):
Current position: Short 3 @ 134,00
Target:
Stop lvl:
Last trade: Sold 3 @ 134,00
P/L (ytd): +823 pips

USDCHF
(Entry lvl):
Current position: Long 3 @ 0,9366
Target:
Stop lvl:
Last trade:
P/L (ytd): +440 pips

EURCHF
(Entry lvl):
Current position: long 3 @ 1,2288
Target:
Stop lvl:
Last trade:
P/L (ytd): +390 pips

EURHUF
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +2540 pips

USDCAD
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +500 pips

XAUUSD (Gold)
(Entry lvl): Buy 2k ounces @ 1250,00
Current position:
Target:
Stop lvl:
Last trade:
P/L (ytd): +258.000 USD

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