Daily Observations: September 05, 2013
- Long GBPCHF from 1.4685, Stop at 1.4630, Target 1 at 1.4750/800 (open)
- Closed USDJPY long (1/2) from 97.95 at 99.20 for +125-pips; average gain +62.5-pips (09/03/13)
- Closed USDJPY long (1/4) from 97.95 at 99.80 for +185-pips; average gain +46.25-pips (09/04/13)
- Closed USDJPY long (1/4) from 97.95 at 99.80 for +225-pips; average gain +56.25-pips (09/05/13)
- Net-gain on USDJPY long totals +165-pips
My final USDJPY targets were hit shortly after the US close on Thursday, with the final trade netting +165-pips overall. I like USDJPY higher so I'll be looking for a low to rebuy; or in on a strong NFP figure.
If you were with me in the Bank of England webinar this morning, I took a long GBPCHF trade after the policy announcement. Accordingly, I am keeping an open target in a 50-pip range (a minimum r/r of 1.18, maximum of 2.09). Fundamentally, the growing divergence between UK and Swiss PMI data underscores the dramatic turnaround in UK growth prospects; and the upswing should help keep UK rates elevated over the short-term.
I also host a weekly Live Trading Q&A in DailyFX Plus, on Tuesdays at 06:00 EDT / 10:00 GMT, in which I delve deeper into my positions and thought processes behind my analyses.
--- Written by Christopher Vecchio, Currency Analyst
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