BFI: Currency market commentary

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BFI: Currency market commentary

09.06.2010 10:00 Wednesday
EURUSD

This currency pair is consequently approaching psychological level at 1.2000 and then a resistance around 1.2040. So as long as  the market is above 1.1900 traders may be accounting for some longs from 1.1930 up to 40 pips above that psychological resistance at least. Otherwise, only falls below 1.1880 may drive this pair down to 1.1700.

GBPUSD


As the supportive area between 1.4350-1.4380 survives the market may targeting at levels 300 pips higher. Our daily recommendation perceives opening longs between bands at 1.4420 an 1.4450 with a target 200 pips higher in few days.

USDCHF


Opening shorts from 1.1540 should be reasonable enough in this current downward march for 100 pips of profit. But we have to remember that only jump above 1.1630 may reverse our strategy to more bullish with targets 30 pips above 1.1700.

EURJPY

Setting long position in area 108.80 – 109.10 should bring some profit especially when the resistance at 111.00 is within our reach. Moreover in case any stronger rebound the levels around 114.00 would not be unrealistic. Treating this suggestion as quite optimistic only falls below 108.00 may change our point of view to more bearish with another 200 pips down in percpective. 


www.bavariafund.com

 

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