Profits On CHFJPY & Crude Oil

Good morning dynamic traders.

After providing excellent profits, the CHFJPY is at the support zone I mentioned yesterday. The price has come down to $80 and bounced closing my position off. Well done those who have taken this trade as well as others trades using 3D.


Advanced Get CHFJPY Chart

I have mentioned since the beginning of the year on this site we are likely to have a recession. Britains economy has shrunk by 0.5% and although officially we are not in recession until the next GDP figures we are without doubt in trouble.

The Pound Dollar has dropped 50 cents to the Pound which is good for UK exporters but if we are heading towards a world recession then no one outside of the UK will really be looking to import so that doesnt help UK exporters. What it means for individuals is the short shopping trip to New York will be more expensive than it has been since July 2002.

It's not all doom and gloom. For dynamic traders it has been an excellent trading period as markets drop. With the big moves across the currency markets we may see the beginnings of oscillation so take appropriate action. The GBPUSD may find support at the 1.50 area.

As I have previously stated when oil was in the $100 area that it is likely to fall toward $80 and even $60. Well that has happened but it seems OPEC are not keen on falling oil prices so the noises are oil production might be cut to increase oil price. OPEC might be slashing oil by 1.5 millions barrels a day.

You can read my other update on www.fxcps.co.uk/blog

Have a good weekend dynamic traders.

Forex Analyst
Javid Shaik