BAVARIA FIRST INVESTMENT

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		<h1>Recommendation - 2010-03-04 11:04</h1>EURUSD Key resistance level is situated right now in the area of 1,3690/1,3700 and only breach through this area confirmed by exceeding 1,3720 should initiate further upward pressure which should extend yesterday's highs up to 1,3790. From below the pair is limited by 1,3620 however for long positions stop loss order should be secured at 1,3580 as drop below this level is likely to initiate stronger drops leading to 1,3520 or even 1,3440 in longer time perspective. &nbsp;GBPUSD Unless this pair stays above 1,5000 further corrective gains are possible, so opening long positions around 1,5000/1,5020 may become profitable as expected rise should reach 1,5170 or even 1,5240. Otherwise drop below 1,4990 will finish current correction and open way for deeper falls with destination target at 1,4720.&nbsp;USDCHF The area of 1,0660 still remains unbroken so long positions may be considered at 1,0690. This movement may lead to another approach towards 1,0760/1,0820. Breakdown at 1,0660 will bring this cross as low as 1,0610. &nbsp;EURJPY As long as We are above 120.00 some longs from 120.50 should be considered with a targets around 121.10 and then 60 pips higher. Moreover in case rebound above 122.40 another 70 pips should not be a problem with a targets at 124.50 in a longer perspective. In case falls below support at 120.00 the market may drive this pair down to 119.50 and then 118.30 in consequence. 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 - 2010-03-04, 11:04

EURUSD
Key resistance level is situated right now in the area of 1,3690/1,3700 and only breach through this area confirmed by exceeding 1,3720 should initiate further upward pressure which should extend yesterday's highs up to 1,3790. From below the pair is limited by 1,3620 however for long positions stop loss order should be secured at 1,3580 as drop below this level is likely to initiate stronger drops leading to 1,3520 or even 1,3440 in longer time perspective.

GBPUSD
Unless this pair stays above 1,5000 further corrective gains are possible, so opening long positions around 1,5000/1,5020 may become profitable as expected rise should reach 1,5170 or even 1,5240. Otherwise drop below 1,4990 will finish current correction and open way for deeper falls with destination target at 1,4720.

USDCHF
The area of 1,0660 still remains unbroken so long positions may be considered at 1,0690. This movement may lead to another approach towards 1,0760/1,0820. Breakdown at 1,0660 will bring this cross as low as 1,0610.

EURJPY
As long as We are above 120.00 some longs from 120.50 should be considered with a targets around 121.10 and then 60 pips higher. Moreover in case rebound above 122.40 another 70 pips should not be a problem with a targets at 124.50 in a longer perspective. In case falls below support at 120.00 the market may drive this pair down to 119.50 and then 118.30 in consequence.

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Daily commentary - 2010-03-04, 11:04

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