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

EURUSD
Due to quick reaction of demand from support at 1.3640 this currency rate was pick up to firm resistance at 1.3800 and now the market is oscillating  60 pips lower. So Today we suggest opening longs from 1.3720 with a stop loss order around  1.3690 area. In case falls below support at 1.3690 , the level at 1.3620  shall be a matter of time with possible extension toward 1.3480. Rise above 1,3800 shall initiate gains leading to 1,3840/1,3880.

USDCHF
As this pair is experiencing a corrective downward trend any jump toward  1.0640  shall be used as an opportunity for selling, so taking opening shorts at this resistance  may become profitable. On the other hand only significant rebound above 1.0670 may cancel the current downward march. Expected range of drops we assess for 1,0520 area.

GBPUSD
Generally thanks to decisive defence at  1.5200 this pair has a open way toward 1.5020 or even 1.4880. So Today we recommend to sell at the breach of 1.5080 or even 40 pips higher. However, only rebound  above 1.5150 should reverse our strategy toward more bullish with targets around 1,5280/1.5350 at least.

EURJPY
Downward slide with targets 122.40 at least or even 80 pips lower our daily recommendation perceives to use any slide around 123.20 as an opportunity for longs especially when levels 300 pips upper seems to be a target this week. But we have to remember that stop loss order should be placed not lower than at 122.90 as a breach through this support may prolong downward movement toward 122.40 at least.

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