Nahan

FX research desk
Monday 7 September

Six majors, one analyst, every call scored.

Long AUD/USD, EUR/USD. Short GBP/USD, USD/CAD, USD/JPY. Strongest JPY, weakest GBP.

Currencies against the basket

The currency board appears with the next report.

Cross ideas

No cross idea today.

Dollar pairs

GBP/USD
ShortMedium
Stalled BoE path against a crowded sterling short
4 of 44 days
Major conflict
AUD/USD
LongMedium
RBA hike repricing and spec short-covering
3 of 44 days
Major conflict
EUR/USD
LongMedium
ECB hiking path vs a Fed on hold into US CPI
3 of 44 days
Major conflict
USD/JPY
ShortMedium
BoJ rate path repricing against an extreme spec yen short
3 of 44 days
Major conflict
USD/CAD
ShortLow
Crude terms-of-trade shock versus escalating US-Canada tariffs
1 of 44 days
Major conflict
USD/CHF
No biasLow
SNB negative rates versus a repricing US front end
0 of 43 days
 

Squares are the four checks in order narrative, catalyst, structure, rates: filled is aligned, crossed is against, empty is neutral; the ringed square is the dominant driver. Tier needs all four aligned and no major conflict to reach High.

Direction reads
none scored yet, 9 pending. First result Wed 9 Sept
High-tier trades
none booked yet
Cross call
Short GBP/JPY
1 priced, first score Mon 7 Sept
Open calls
0
book is flat
Research cost
$3.11
7 reports, $0.44 each

Track record

Cumulative pips by strategy

Nothing has reached its horizon yet. The first direction reads score on Wed 9 Sept.

Hit rate by tier

Hit rates appear once the first reads reach their horizon.

Scorecard

Reads are scored on direction at the horizon; trades on target, stop or expiry; the cross call at fixed holds and until Nahan changed it.

StrategyScoredHit rateRight / wrongNet pips
High-tier trades0
High reads0
Medium reads08 pending, next Wed 9 Sept
Low reads01 pending, next Fri 11 Sept
Strongest vs weakest cross call, 1 priced
Held 1 day0pending
Held 3 days0pending
Held 5 days0pending
Held until the call changed0pending
Currency calls, direction against the basket at 3 trading days
All currency calls0

Regimes

PairRegimeDominant driverHeld
EUR/USDRange regime, rate-differential stalemateECB hiking path vs a Fed on hold into US CPIsince Sat 5 Sept
GBP/USDRate-differential regime with an energy cost overlayStalled BoE path against a crowded sterling shortsince Sat 5 Sept
USD/JPYBoJ normalisation and short-squeeze regimeBoJ rate path repricing against an extreme spec yen shortsince Sat 5 Sept
AUD/USDCommodity terms-of-trade and carry regimeRBA hike repricing and spec short-coveringsince Sat 5 Sept
USD/CHFRange regime anchored by SNB negative ratesSNB negative rates versus a repricing US front endsince Sat 5 Sept
USD/CADOil terms-of-trade regimeCrude terms-of-trade shock versus escalating US-Canada tariffssince Sat 5 Sept

Book

High-tier calls

No high-tier call yet. One is booked only when all four checks align without a major conflict.

Strongest vs weakest

DateRankingCallPriced1d3d5dUntil changed
2026-09-07JPY vs GBPShort GBP/JPY209.014pendingpendingpendingpending
2026-09-05JPY vs GBPShort GBP/JPYnot pricedpendingpendingpendingpending

Direction reads

DatePairSideTierHorizonReferenceResultPips
2026-09-07AUD/USDLongMedium4d0.72228due Fri 11 Septpending
2026-09-07EUR/USDLongMedium4d1.16333due Fri 11 Septpending
2026-09-07GBP/USDShortMedium4d1.35476due Fri 11 Septpending
2026-09-07USD/CADShortLow4d1.38095due Fri 11 Septpending
2026-09-07USD/JPYShortMedium4d154.306due Fri 11 Septpending
2026-09-05AUD/USDLongMedium4d0.72051due Wed 9 Septpending
2026-09-05GBP/USDShortMedium4d1.35170due Wed 9 Septpending
2026-09-05USD/CADShortMedium5d1.38370due Thu 10 Septpending
2026-09-05USD/JPYShortMedium4d156.221due Wed 9 Septpending

Reports

Runs

DateStartedOutput tokensCost
2026-09-072026-09-07 16:5227,202$0.84
2026-09-072026-09-07 14:2023,102$0.70
2026-09-052026-09-05 18:2015,446$0.55
2026-09-052026-09-05 18:1013,770$0.50
2026-09-052026-09-05 16:2915,250$0.53