BAVARIA FIRST INVESTMENT

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		<h1>Recommendation - 2010-02-23 10:28</h1><div align="justify">EURUSD In case the pair manages to climb above 1,3670 further gains are expected at first to the level of 1,3710 what may be followed by a jump even to the area 1,3780. Otherwise retreat below 1,3620 may initiate drops leading to 1,3570 and further downwards to 1,3520.</div>&nbsp;GBPUSD Drop to 1,5540 may be considered to open long positions as another approach to 1,5580 seems possible. This movement may be easily extended to 1,5630 which we assess for today's target. This scenario may be suspended in case of a decline below 1,5500 what may lead to the region of 1,5420/30.&nbsp;USDCHF Unless the pair manages to climb above 1,0770 further drops are expected. Our targets for today are placed at 1,0660 what may be extended even to 1,0610. Otherwise attack on 1,0820 is expected with a prospect even for 1,0870. &nbsp;EURJPY This current correction rebound should lead us toward 129.00 area but first of all some longs from 124.20/10 should be considered . Moreover in case rebound above 124.50 another&nbsp; 60 pips should not be a problem with a targets at 126.70 in a longer perspective. Otherwise, only firm breaking through support at 123.40 may easily add another 100 pips.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 - 2010-02-23, 10:28

EURUSD
In case the pair manages to climb above 1,3670 further gains are expected at first to the level of 1,3710 what may be followed by a jump even to the area 1,3780. Otherwise retreat below 1,3620 may initiate drops leading to 1,3570 and further downwards to 1,3520.

GBPUSD
Drop to 1,5540 may be considered to open long positions as another approach to 1,5580 seems possible. This movement may be easily extended to 1,5630 which we assess for today's target. This scenario may be suspended in case of a decline below 1,5500 what may lead to the region of 1,5420/30.

USDCHF
Unless the pair manages to climb above 1,0770 further drops are expected. Our targets for today are placed at 1,0660 what may be extended even to 1,0610. Otherwise attack on 1,0820 is expected with a prospect even for 1,0870.

EURJPY
This current correction rebound should lead us toward 129.00 area but first of all some longs from 124.20/10 should be considered . Moreover in case rebound above 124.50 another 60 pips should not be a problem with a targets at 126.70 in a longer perspective. Otherwise, only firm breaking through support at 123.40 may easily add another 100 pips.

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Daily commentary - 2010-02-23, 10:28

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