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Waluty: Currency market commentary

17.11.2008 10:33 poniedzia³ek

Good morning. Herewith we would like to present our foreign exchange market forecasts for today.

EURUSD
After overnight fall to 1,2510 area we expect a correction to occur. Its range we assess for 1,2670 or even 1,2750/1,2790 where we suggest opening short positions. Drop below 1,2510 would initiate further falls towards 1,2390/1,2330 area.

GBPUSD
Breach of 1,4780 will open way to 1,4950 where short positions should be opened. Destination target we set at 1,4640/1,4550.

USDJPY
Range of trading 96,80-97,50. Downside rebound will bring the rate to 95,60 area.

USDCHF
Fall to 1,1890 or even 1,1840 is expected. Over there we recommend going long with destination target set at 1,2020.

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








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