Forex market

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6.1.2011

http://aragonia.com/images/327731_KbCHFJPY.pdf]Buy USD/CHF


- We recommend investors to buy USD/CHF with a horizon of 1-2 months. The final target is 102 USD/CHF.

- USD/CHF has been sold extensively towards the turn of the year in a thin market. Technically, there are many indications of a major correction.

- We expect USD to have a good start to 2011 with focus on the strong growth case and higher US yields.

- The primary risk is an outbreak of the European debt crisis before the strategy expires.

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4.1.2011

http://aragonia.com/images/350791_USDCHF04012011.pdf]BUY USD/JPY - STRATEGY CLOSED


- S/L at 81.50 was hit on 30 December and the case was closed with a loss of 1.8%

- The thin market over the holidays and a general closure of positions funded in foreign currency caused the yen to strengthen sharply

- We still believe that the investment case is very interesting for the long term. However, we await technical buy signals before we will issue a BUY recommendation again

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