Good morning. Here are our daily comments on the situation on the foreign exchange market.

EURUSD
Possible growth towards 1,4420/40 should be used to open short positions with destination target set at 1,4150. Only the return above 1,4500 will cancel this scenario.

USDCHF
The pair is seen in range 1,0830-1,0980. Upside rebound will stand for a return above 1,1090. Fall below 1,0830 will lead to 1,0700

USDJPY
Our expectations have proved to be correct, the yen has reached the level of 104,30/70 against the dollar. Right now, current correction should be used to open short positions around 104,50/70 with take profit orders set 103,20/102,80.

GBPUSD
Suggested level to open short position is 1,8140. We expect drop towards 1,7980/30 and only the return above 1,8220 may delay this scenario.

For more comments and recommendations please visit our website www.bavariafund.com