Currency Forecast, September 12th 2013

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Currency Forecast, September 12th 2013
Currency Forecast, September 12th 2013

Currency Forecast, September 12th 2013

Well, the YEN move was an easy one to see yesterday. EURJPY and USDJPY both moved lower by more than 50 pips, though I like to keep the position for now and expect the next move lower very soon. I also like to keep the short EURJPY position longer than the short USDJPY position, as I think the EURJPY will move lower again also with the EURUSD.

EURCHF could be interesting too very soon. Hungary will come with a decision about all the CHF-loan takers in Hungary. If they really would convert it to HUF, then the EURCHF should move much lower, because that would be about billions of CHF.

Today’s economic data out of the USA could be interesting too. The jobless claims will be released and a good number good lead to a stronger USD again, as this would mean that higher interest rates in the USA could become more and more likely.

As I am positioned quite big for now, I don’t want to increase the portfolio, but if you look for a quick profit, I would suggest to buy some USDCAD here around 1,0300. As the AUD moved lower by around 100 pips overnight, the CAD should lose worth too soon. (maybe 30 or 40 pips at least). And a profit of 30 or 40 pips is not that bad at all I think.

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 1,3305 , USDCHF 0,9305 , EURCHF 1,2380 , USDJPY 99,50 , EURJPY 132,40 , EURHUF 300,50 , USDCAD 1,0320 , GOLD 1.343,00

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

USDJPY
(Entry lvl):
Current position: short 2 @ 100,00
Target:
Stop lvl:
Last trade:
P/L (ytd): +1810 pips

EURJPY
(Entry lvl):
Current position: short 3 @ 132,26
Target:
Stop lvl:
Last trade:
P/L (ytd): +640 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: short 2 @ 1,2375
Target:
Stop lvl:
Last trade: Sold 2 @ 1,2375
P/L (ytd): +290 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: short 3k ounces @ 1343,00
Target:
Stop lvl:
Last trade:
P/L (ytd): +118.000 USD

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