Good morning. Herewith we would like to present our currency market commentary for today.

EURUSD
We suggest rise to 1,3630/40 should be used to open short positions, following drops can reach 1,3550 or even 1,3480. Only if the rate climbs above 1,3660, attack on 1,3740 would be possible.

GBPUSD
Rise to 1,7520 will be followed by a drop to 1,7440/1,7390. Above 1,7560 next significant resistance level is set at 1,7640.

USDJPY
Increase up to 101,90 and fall towards 100,60 afterwards. Unless the pair breaks above 102,30/40 downward tendency will prevail.

USDCHF
Range of trading is seen between 1,1330-1,1420. Fall below 1,1330 will lead to 1,1270.

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