Currency Forecast, September 13th 2013

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Currency Forecast, September 13th 2013
Currency Forecast, September 13th 2013

Currency Forecast, September 13th 2013

Market turned around a bit, especially in the JPY, so maybe would have been better to take some profit there, but I still feel very comfortable with it and the next move lower should be seen soon.

For those who bought some USDCAD around the 1,0300 level, I would suggest to take profit here already, as we have seen the move higher of like 30 to 40 pips and a move down to 1,0250 can’t be ruled out, as there are some stops down there.

Today we will see a lot of important economy data released out of the USA. Retail Sales, PPI and the Michigan report. I expect the numbers to be positive in the average, so this should give the USD another boost, which should help to see a lower EURUSD.

Regarding the JPY, first profit takers were responsible for that correction back to 99,90 in USDJPY and 132,65 in EURJPY, so they are out now and the way is free to see lower levels again now.

The EURHUF position is still fine but I watch it carefully, as a move above 305,00 would mean that I get out of it – there is the risk about the Hungarian government that they could decide something for their CHF-loan takers, which could be bad for the HUF.

Also gold moved in the right direction and I will take profit there, should we seen it trading below the 1300,00 level.

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 1,3285 , USDCHF 0,9325 , EURCHF 1,2380 , USDJPY 99,70 , EURJPY 132,45 , EURHUF 301,30 , USDCAD 1,0345 , GOLD 1.319,00

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:
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: 1300,00
Stop lvl:
Last trade:
P/L (ytd): +118.000 USD

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