BAVARIA FIRST INVESTMENT

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		<h1>Recommendation - 2010-02-16 09:55</h1><div align="justify">EURUSD Unless the pair stays above 1,3650 gains are expected. First resistance level is placed at 1,3690 and in case it is broken jump to 1,3720 should appear as possible. Further upward rally will lead to the test of 1,3755/60. Below 1,3650 slide at first to 1,3580 what in case of a stronger downside momentum should initiate drops to 1,3490/1,3440.</div>&nbsp;GBPUSD The cross has been seen moving between 1,5560-1,5760 for last couple of days. Today this range still remains valid, however upside rebound should add around 50 pips with a chance for a new mid-term target at 1,5880 within next trading days. Retreat below 1,5680 should initiate falls leading to the lower range limit.&nbsp;USDCHF The nearest support level is placed at 1,0720 and in case it is broken falls will be extended to 1,0680 area. Retreat above 1,0780/90 will bring this pair once again to the region of 1,0850.&nbsp;EURJPY Unless the cross maintains above 122,50 further gains are expected with targets set at 123,40 and 124,30 later on. On the other hand retreat below 122,30 will initiate drops leading to 121,30 or even 120,60. The Recommendations are estimated with our best knowledge and diligence. We accept no responsibility for the accuracy or completeness of any information here in contained nor for any forecasts or recommendations. We shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by us that you will profit from the strategies herein or that your losses in connection therewith can or will be limited. Stops may not necessarily limit losses to intended levels.
					Bavaria First Investment Ltd. All rights reserved.</body></html>

Daily commentary - 2010-02-16, 09:55

EURUSD
Unless the pair stays above 1,3650 gains are expected. First resistance level is placed at 1,3690 and in case it is broken jump to 1,3720 should appear as possible. Further upward rally will lead to the test of 1,3755/60. Below 1,3650 slide at first to 1,3580 what in case of a stronger downside momentum should initiate drops to 1,3490/1,3440.

GBPUSD
The cross has been seen moving between 1,5560-1,5760 for last couple of days. Today this range still remains valid, however upside rebound should add around 50 pips with a chance for a new mid-term target at 1,5880 within next trading days. Retreat below 1,5680 should initiate falls leading to the lower range limit.

USDCHF
The nearest support level is placed at 1,0720 and in case it is broken falls will be extended to 1,0680 area. Retreat above 1,0780/90 will bring this pair once again to the region of 1,0850.

EURJPY
Unless the cross maintains above 122,50 further gains are expected with targets set at 123,40 and 124,30 later on. On the other hand retreat below 122,30 will initiate drops leading to 121,30 or even 120,60.

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Daily commentary - 2010-02-16, 09:55

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