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Another rocky week in the financial world. Stock markets are experiencing wild swings.
Currencies are not much different. There seems to be massive confusion around news releases. Volatility is huge, daily ranges are expending. GBP-JPY had over 500 pips range on Friday, basically not seen since last summer.
USD is really under pressure here. Both EUR and CHF reached another all time high against USD. In our view CHF move is most impressive, since it dipped under the parity level. More about it farther down this page.
Not to be outdone, USD-JPY dropped under 100. Also, a huge psychological level. This coming week will be of huge importance. We are going out on a limb, and are calling for a bottom in USD sometimes over next few days. This kind of price move acceleration, we have noticed lately, usually occurs at the end of long moves. We will see.
Our mechanical systems had soft week. Please view the results below and follow the link for details.
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Here are the results for last week:
- Daily Pound lost 78 pips ;
- Daily Euro lost 82 pips;
Follow the link on the right to view details.
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Last week's results.
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As a matter of interest we are including a very long term chart of USD-CHF. We are looking at 30 years of monthly data. As you can see, for the first time ever the price reached and even dipped below parity. Momentous event. As always, when prices reach untested levels, it's very difficult to predict extent of the move.
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One of our trades from before. We went short EUR-GBP at 0.7600, with a target of 0.7400. Trade was stopped out at 0.7700 for 100 pips loss.
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Trade of the week.
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For this coming week we are taking a look at USD-JPY. This pair has moved under a very important psychological level of 100. For the second time ever. Basically, we expect some kind of bounce here, even though larger term trade should remain intact.
We have an order to BUY USD-JPY at 101.30 with a target of 104.00. Prices are moving very fast and we think that volatility will still increase. We will continue to move buy order lower if the price keeps dropping.
Have 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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