Currency Forecast, October 9th 2013

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Currency Forecast, October 9th 2013
Currency Forecast, October 9th 2013

Currency Forecast, October 9th 2013

Looks like we see now the start of a bigger USD rally with the EURUSD, USDCHF and USDJPY moving in the right direction.

I expect that there will be found some kind of solution in the USA before the deadline occurs, which will give the USD another boost plus also stocks of course.

I still like most to be long on the USDJPY for this outlook, and a rate of 98,50 or even higher is very likely when we see that happen.

Gold also should move higher again soon, though overall I see a decline of the gold price, so should we trade above 1330,00 I like to get out of the position. I will also install a stop profit level at 1302,00 where I will stop the position and take the small profit then.

So let’s wait for the next USD boost and just keep the position and wait for possible news out of the USA for now.

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 1,3525 , USDCHF 0,9085 , EURCHF 1,2290 , USDJPY 97,35 , EURJPY 131,70 , EURHUF 295,75 , USDCAD 1,0375 , GOLD 1.317,00

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:
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: 1302,00
Last trade:
P/L (ytd): +238.000 USD

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