Good morning. Herewith we would like to present our daily currency market info.

EURUSD
Is moving in neutral range of 1,3840-1,3910. Upside rebound will initiate gains towards 1,4010/1,4040. However in case of a fall below the lower limit there is a chance for a drop to 1,3750 and 1,3710 later on.

GBPUSD
Right now the pair is seen limited from above by 1,6360 and unless it jumps above 1,6500 falls are expected. The levels of 1,6360 and 1,6460 we find proper to open short positions with destination targets set at 1,6220 and 1,6120.

USDCHF
Situation pretty much as yesterday the franc is expected to appreciate so long positions are recommended. Fall to 1,0820 should be used to go long, destination target 1,1010. Only fall below 1,0740 will suspend our rise scenario for a while and bring the pair as low as 1,0600.

EURJPY
The pair has broken out of its 2-week consolidation between 135,2-139,20.

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