BAVARIA FIRST INVESTMENT

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		<h1>Recommendation - 2010-08-24 11:30</h1>EURUSDCurrently we are dealing with bearish market on this pair which can lead us toward 1.2450 area, so the yesterday forecast shall be lowered even deeper what is more behaving of this pair around the resistance at 1.2650 shall be crucial for further direction. But after all this currency cross looks too weak to break the border at 1.2730 successfully at least today so our daily recommendation perceives setting some short around 1.2670 but with no more than 30 pips of stop loss order. Moreover, in case falls below 1.2450 the consecutive firm target shall be set again at 1.2100.&nbsp;GBPUSDWe can see quite strong correlation with the pair placed above so Today We suggest opening some shorts around 1.5430 but in case breaking this resistance another 100 pips should not be a problem. On the other hand only drops below 1.5400 shall reverse this pair to be more bearish with targets around such psychological level as 1.5000.&nbsp;USDCHFToday We suggest to set some shorts around 1.0430 with only 30 pips of stop loss order while as breaking 1.0470 means definitely that area between bands at 1.0590 - 1.0620 shall be tested and that resistance should be used as an opportunity to sell with targets 100 lower indeed. Otherwise any stronger drop below 1.0350 may begin the longer journey toward parity.&nbsp;EURJPYThis currency cross is strictly following eur/usd sentiment and such opportunity as the latest rebound from 106.10 should be used to sell the euro. Moreover in afternoon hours we may be a witness of testing resistance around 107.00 as the resistance at 108.20 looks quite interesting. However if this pair do a firm slide below 106.00 the second target will be 500 lower at least. 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.
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Daily commentary - 2010-08-24, 11:30

EURUSD

Currently we are dealing with bearish market on this pair which can lead us toward 1.2450 area, so the yesterday forecast shall be lowered even deeper what is more behaving of this pair around the resistance at 1.2650 shall be crucial for further direction. But after all this currency cross looks too weak to break the border at 1.2730 successfully at least today so our daily recommendation perceives setting some short around 1.2670 but with no more than 30 pips of stop loss order. Moreover, in case falls below 1.2450 the consecutive firm target shall be set again at 1.2100.

GBPUSD

We can see quite strong correlation with the pair placed above so Today We suggest opening some shorts around 1.5430 but in case breaking this resistance another 100 pips should not be a problem. On the other hand only drops below 1.5400 shall reverse this pair to be more bearish with targets around such psychological level as 1.5000.

USDCHF

Today We suggest to set some shorts around 1.0430 with only 30 pips of stop loss order while as breaking 1.0470 means definitely that area between bands at 1.0590 - 1.0620 shall be tested and that resistance should be used as an opportunity to sell with targets 100 lower indeed. Otherwise any stronger drop below 1.0350 may begin the longer journey toward parity.

EURJPY

This currency cross is strictly following eur/usd sentiment and such opportunity as the latest rebound from 106.10 should be used to sell the euro. Moreover in afternoon hours we may be a witness of testing resistance around 107.00 as the resistance at 108.20 looks quite interesting. However if this pair do a firm slide below 106.00 the second target will be 500 lower at least.

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Daily commentary - 2010-08-24, 11:30

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