Currency Forecast, September 9th 2013

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Currency Forecast, September 9th 2013
Currency Forecast, September 9th 2013

Currency Forecast, September 9th 2013

I am back and first thing I did today was close the long EURCHF and the short USDCAD positions, which both worked out pretty well.

EURUSD and USDCHF are on a good way, though I like to keep these positions for a longer time, as I think we will see the next move soon with a stronger USD.

Also, with the elections in Germany get closer and closer and could shake the markets more and more. It looks like there will be no majority at all, which would be the worst case scenario for the markets. – And who knows what news there will be after the elections, when the new government can tell us the truth about Greece and Italy. That’s why I definitely prefer to be short on the EUR and long on the USD for that time.

EURHUF again has not moved at all and the position made another few pips because of the carry trade and the higher interest rate in Hungary (though it is not calculated in the P/L – but I just wanted to mention it).

Should we see another move lower in the USDCAD, I would like to buy some (around 1,0250-1,0300) – as then I would expect to see a correction.

EURJPY looks also a bit of a sell to me, though I like to wait a bit more for a better level. I would like to sell around 132,50.

Same for USDJPY – I like to sell that currency pair around 100,50-101,00.

I have to say that I will expect to see the above mentioned moves within this week, but of course not today, as Monday is usually a quiet day and there will be no important economic data released today at all.

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 1,3175 , USDCHF 0,9385 , EURCHF 1,2360 , USDJPY 99,55 , EURJPY 131,15 , EURHUF 300,95 , USDCAD 1,0390 , GOLD 1.387,00

EURUSD

(Entry lvl):

Current position: Short 3 @ 1,3150

Target:

Stop lvl:

Last trade:

P/L (ytd): -110 pips

USDJPY

(Entry lvl):

Current position: flat

Target:

Stop lvl:

Last trade:

P/L (ytd): +1810 pips

EURJPY

(Entry lvl):

Current position: short 1 @ 131,20

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: flat

Target:

Stop lvl:

Last trade: Sold 2 @ 1,2360

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: Bought 2 @ 1,0390

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