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We entered a short position in EUR/USD earlier at 1.3205 in anticipation of a correction and 1.3233 did cap euro’s upside, price then retreated in line with our expectations, objective at 1.3100 was met as price dropped to as low as 1.3077 (with 110 points profit), we then sold the pair again at 1.3180 as we took the view that top has been formed at 1.3233, price met renewed selling interest at 1.3213 and slipped again, our profit target at 1.3080 was reached again as euro declined to as low as 1.3026 (with another 100 points profit). Having said that, the single currency staged a strong rebound from 1.3026 later last week and in view of the choppy price action, we stayed aside ahead of the release of U.S. job reports.
The long position entered the week before at 77.05 was finally stopped at 76.60 and although price has remained under pressure, we bought the pair again at 76.05 and the greenback did rebound late last week from 76.03 on solid U.S. job data and the position is still holding.
Two positions were entered in USD/CHF, the first long position entered at 0.9140 met indicated target at 0.9240 (with 100 points profit) as dollar found renewed buying interest at 0.9223 and bounced to as high as 0.9250. However, the another long position entered at 0.9170 was stopped at 0.9135 as price slipped to 0.9115 before staging another rebound late last week.
No position was entered in cable.
In short, 5 positions were entered among all 4 currency pairs with total profit of 230 point and the positions are listed below:
27 Jan: USD/JPY - Long at 77.05, exited at 76.60 (- 45 points)
27 Jan: EUR/USD - Short at 1.3210, exited at 1.3100 (+110 points)
31 Jan: EUR/USD - Short at 1.3180, exited at 1.3080 (+100 points)
31 Jan: USD/CHF - Long at 0.9140, exited at 0.9240 (+100 points)
1 Feb: USD/JPY - Long at 76.05,
1 Feb: USD/CHF - Long at 0.9170, exited at 0.9135 (- 35 points)
JPY EUR CHF GBP
Jan -45 +175 +150 - 5
Feb -35
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Y-T-D +175 +115 - 5
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