Currency Forecast, October 8th 2013

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Currency Forecast, October 8th 2013
Currency Forecast, October 8th 2013

Currency Forecast, October 8th 2013

First of all, the EURHUF finally traded below 295,00 so I closed the position and will wait again to see a level around 300,00 to go short again.

EURUSD was stuck overnight, but at least the EURCHF moved a bit higher, which helps my current positions.

All in all, the market is still waiting for a decision of the USA about the debt ceiling. I would expect a solution around one or two days before the final day occurs, which should give the USD and stocks a huge boost. The biggest mover will be USDJPY with a move close to 98,50 or even higher, so I definitely would be long USDJPY, if you have not bought some yet.

Gold also moved a bit higher again and around 1332,00 I like to take profit, which would be a profit of $30,– per ounce which is not bad at all.

So just sit on the positions and wait for any news – weather from the USA or Italy or Greece.
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.

Current spot: EURUSD 1,3570 , USDCHF 0,9050 , EURCHF 1,2285 , USDJPY 97,10 , EURJPY 131,80 , EURHUF 295,30 , USDCAD 1,0325 , GOLD 1.326,00

**relatedarticle**

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:
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: flat
Target:
Stop lvl:
Last trade: bought 2 @ 295,00
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):
Current position: long 2k ounces @ 1292,00
Target:
Stop lvl:
Last trade:
P/L (ytd): +238.000 USD

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