Today's message about the Forex Trading Alerts is going to be short as Nadia Simmons is still not in the position to write the regular issue in full today. However, she is keeping an eye on market developments, and has sent in the following summary:

In our opinion, the following forex trading positions are justified - summary:

• EUR/USD: none
• GBP/USD: short (a stop-loss order at 1.2596; the initial downside target at 1.2172)
• USD/JPY: short (a stop-loss order at 109.46; the initial downside target at 106.14)
• USD/CAD: none
• USD/CHF: short (a stop-loss order at 0.9996; the initial downside target at 0.9768)
• AUD/USD: none

The euro keeps trading below the lower border of the blue consolidation, and is hovering near the mid-September lows. The daily indicators continue to point in the direction of further deterioration, today's small recovery doesn't change that. The exchange rate is trading inside the green support zone currently. USD/JPY closed at yesterday's lows after the attempt to go higher was rejected. The bulls are striving one more time today though and the pair rose to trade above the declining grey trend channel. Today's close will be telling for the position of the daily indicators - the short position remains justified. GBP/USD has broken below the lower border of the blue consolidation and the attempts to come back inside the consolidation have failed. While the pair has erased most of today's downswing move, both the CCI and Stochastic Oscillator favor continuation of the decline and the profitable short position remains justified. While USD/CHF scored gains yesterday, it hasn't gone anywhere earlier today. The upswing of preceding days appears to be a mere correction of the earlier downside move and the short position remains justified. Apart from these, there're no other opportunities worth acting upon in the currencies. As always, we'll keep you - our subscribers - informed.

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist