Forex Strategy

Hello Traders,

Strong USD sell-off last week, it looks like liquidation Long USD positions, this week we opened higher ( EUR-USD ) Touched 20 month high, but we have correction at this moment, propably USD will be weaker this week, watch market....


EUR-USD

Correction start from near 1,3180 (1.3185 -- the 76.4% of 1.1640 to 1.3670 ), could suggest some consolidation, at this moment support 1,3085, but if will break we could see 1,3015-25, key is 1,2980. While above 1,2980 bulls have a chance for move twds 1,3480 and 1,3666.

Strategy:
Buy at 1,3015-25 with sl below 1,2980 Tp open ( try to close first half near 1,3185, after this put sl on entry level )

GBP-USD

1.9460 - a resistance line from Sept 1992, above - Dec 2004 high at 1.9550. Good support , todays low near 1,9300 level, then 1,9250 with potential 1,9220.

Strategy:
Buy at 1,9280-9305 sl below 1,9250 Tp 1,9460


USD-JPY

Fukui said that the BOJ will cautiously adjust interest rates while maintaining accommodative monetary conditions.

"We will carefully analyze future economic data in order to seek a good chance for rate hikes," Fukui said.

The economy and prices continue to move as the central bank expected, Fukui said, adding that the BOJ doesn't need to change its economic outlook despite recent weak economic data.

He also said that it is too early to worry about capital spending overheating now.

But Fukui emphasized the need to closely watch for potential risks in the economy and corporate activity on the back of a continued accommodative monetary environment.

Regarding recent movements in foreign exchange markets, Fukui said, "The forex markets have recently moved slightly. We are always closely watching FX moves, including other financial markets, in managing monetary policy."

He added that foreign exchange rates are being influenced by an interest rate gap.

116,60-117,00 – strong resistance, wait for JPY data later this week

Idea: Watch resistance level, small short there with sl above 117,05-15 for 114,45 target.


USD-CHF

Strategy: Sell at 1,2160 sl 1,2195 tp 1,2060

Good Luck Good Trade
Piotr

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