Currency Forecast, October 7th 2013

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Currency Forecast, October 7th 2013
Currency Forecast, October 7th 2013

Currency Forecast, October 7th 2013

Sorry that there was no forecast for the last two days of last week, but I had some issues with the internet, as I was on vacation.

I took profit on the EURJPY position here at 131,65 and kept instead the short EURUSD position – so it is just a bit of reducing the risk for now.

Also EURHUF I look to close it, should we see it trading at 295,00.

No important economy data will be released today, so we have to wait for some news regarding the budget issue in the USA or some news regarding Italy and/or Greece.
Without any news, I expect Monday to be a very quiet day and currencies will trade in small ranges.

In my opinion, it will not be that easy for Germany to find a coalition between the SPD and CDU/CSU, which could hurt the EUR a bit. Also there is still Berlusconi, who could shake the markets a bit, as he has still a lot of influence in the parliament.

That is why I still prefer to be short on the EUR overall.

USDJPY could be a nice opportunity soon and I bought as said last time, 2 @ 97,00 and expect to see it again above 99,00 soon.

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.

**relatedarticle**

Current spot: EURUSD 1,3585 , USDCHF 0,9025 , EURCHF 1,2260 , USDJPY 96,90 , EURJPY 131,65 , EURHUF 297,00 , USDCAD 1,0325 , GOLD 1.311,00

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

USDJPY
(Entry lvl):
Current position: long 2 @ 97,00
Target:
Stop lvl:
Last trade: bought 2 @ 97,00
P/L (ytd): +1980 pips

EURJPY
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade: bought 3 @ 131,65
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: Short 2 @ 299,90
Target:
Stop lvl:
Last trade:
P/L (ytd): +1560 pips

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

XAUUSD (Gold)
(Entry lvl):
Current position: long 2k ounces @ 1292,00
Target:
Stop lvl:
Last trade: Bought 2k ounces @ 1292,00
P/L (ytd): +238.000 USD

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