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Looks like after torrid pace of previous couple of weeks, things have slowed down a little bit. Moves were not as large as before, although some crosses remained very active. GBP-CHF, for one, is still showing wide swings. EUR-USD, on the other hand, with the exception of one day, was very choppy. This choppiness contributed to a poor performance by one of our services. More on that below.
JPY remained very strong against all other currencies. This has been a very impressive run. In our view, an intermediate correction is very likely. Not all crosses though. We expect USD-JPY to reverse soon, while AUD-JPY, for example, should continue down. Time will tell.
Our services were a mixed bag last week. "Daily Pound" showed a decent gain, while "Daily Euro" has experienced on e of the worst periods in a long time. Follow the link below to see details.
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Here are the results so far in 2008:
- Rainbow - CLOSED TO NEW SUBSCRIBERS;
- Daily Pound made 206 pips ;
- Daily Euro lost 249 pips;
Follow the link on the right to view details.
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Last week's results.
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Last week we focused on EUR-CHF. We were looking for to go long that cross, but the price never reached our entry level. There was no trade.
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Trade of the week.
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For this coming week we are taking a look at USD-CHF. We think there is an opportunity here in going LONG. Our buy point is 1.1090 with 1.1350 target level. Please note we are using an intermediate term charts , so the holding period could be 2-3 weeks.
We want to wish everybody a great trading week!
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Once again we must stress that the trades highlighted here are only a small sample of our trades. If you have any comments or would like to obtain more information please contact us at info@spectrumforex.com .
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Risk disclaimer:
Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose. Nothing in our website shall be deemed a solicitation or an offer to Buy/Sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.
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