Good morning. Herewith we are presenting our commentaries concerning today's currency market situation.

EURUSD
The rate is still staying in the range set last week, that is 1,4665-1,4840. Today there is a chance for gain to 1,4770 and afterwards drop to 1,4665 should occur.

USDJPY
Rise to 110,40 is possible and afterwards we expect a decline to 109,90 or even 109,30 later on.

USDCHF
The level of 1,0940/50 should be used to open long positions with destination target at 1,1020 or even 1,1050.

GBPUSD
Rise to 1,8540 is expected, but even 1,8510 can be used to open short positions with targets set at 1,8430. This decline can eventually reach 1,8360.

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