Forex Daily Podcast

Friday was a wild day. These are the days that you have to have a plan or your emotions will get the better of you. The CHF turned right at the levels we were expecting which set itself up for a good trade. The JPY although not delivering was able to get back to our entry point and provide a small profit. The GBP didn't quite make it down to our expected level, but bounced up as we expected so all in all a good day. Our correction that we discussed on Thursday either completed overnight or at least completed the first wave. Therefore, we should run towards a stronger USD today. If the correction is not complete, we will run 30-60 pips towards a stronger USD depending on the currency. Before we get another thrust towards a weaker dollar short term. The EUR/USD should drop from the start today to at least the 1.1900 level, it currently trades at 1.1940. The GBP/USD should drop below 1.7400, it currently trades at 1.7427. The USD/CHF currently trades at 1.3076. The JPY currently trades at 118.17. The