Jiming Huang / Profile

Pivot (invalidation): 1.3325 Our preference Long positions above 1.3325 with targets at 1.3400 & 1.3425 in extension. Alternative scenario Below 1.3325 look for further downside with 1.3300 & 1.3270 as targets...

Pivot (invalidation): 1.0020 Our preference Long positions above 1.0020 with targets at 1.0070 & 1.0090 in extension. Alternative scenario Below 1.0020 look for further downside with 0.9995 & 0.9975 as targets...

Pivot (invalidation): 112.00 Our preference Short positions below 112.00 with targets at 111.60 & 111.30 in extension. Alternative scenario Above 112.00 look for further upside with 112.15 & 112.40 as targets...

Pivot (invalidation): 1.3180 Our preference Short positions below 1.3180 with targets at 1.3095 & 1.3050 in extension. Alternative scenario Above 1.3180 look for further upside with 1.3225 & 1.3255 as targets...

Pivot (invalidation): 1.1315 Our preference Short positions below 1.1315 with targets at 1.1285 & 1.1265 in extension. Alternative scenario Above 1.1315 look for further upside with 1.1345 & 1.1370 as targets...

The economies of France and Germany are slightly recovering. Italy’s annual GDP figures indicate a technical recession: mid-duration yields are starting to tick upwards with 10-years at 2.75%. That’s 1% below Greece (highest in EU), but Greek yields are falling while Italy’s are heading higher...

Today China’s National People’s Congress reduced its economic growth target to 6.00-6.50%, announced a policy of “easing for stability” and initiated meaningful tax cuts. Policy remains focused on fiscal stimulus over credit expansion...

Pivot (invalidation): 56.05 Our preference Long positions above 56.05 with targets at 56.65 & 57.00 in extension. Alternative scenario Below 56.05 look for further downside with 55.55 & 55.05 as targets...

Pivot (invalidation): 15.2700 Our preference Short positions below 15.2700 with targets at 15.0000 & 14.8400 in extension. Alternative scenario Above 15.2700 look for further upside with 15.3900 & 15.5000 as targets...

Pivot (invalidation): 1292.50 Our preference Short positions below 1292.50 with targets at 1282.50 & 1276.50 in extension. Alternative scenario Above 1292.50 look for further upside with 1297.00 & 1304.00 as targets...

Pivot (invalidation): 2780.00 Our preference Long positions above 2780.00 with targets at 2803.00 & 2816.50 in extension. Alternative scenario Below 2780.00 look for further downside with 2764.00 & 2750.00 as targets...

Pivot (invalidation): 11582.00 Our preference Long positions above 11582.00 with targets at 11650.00 & 11690.00 in extension. Alternative scenario Below 11582.00 look for further downside with 11515.00 & 11415.00 as targets...

Pivot (invalidation): 5.3670 Our preference Long positions above 5.3670 with targets at 5.3980 & 5.4050 in extension. Alternative scenario Below 5.3670 look for further downside with 5.3490 & 5.3340 as targets...

Pivot (invalidation): 0.7100 Our preference Short positions below 0.7100 with targets at 0.7065 & 0.7035 in extension. Alternative scenario Above 0.7100 look for further upside with 0.7120 & 0.7145 as targets...

Pivot (invalidation): 1.3290 Our preference Long positions above 1.3290 with targets at 1.3340 & 1.3370 in extension. Alternative scenario Below 1.3290 look for further downside with 1.3270 & 1.3240 as targets...

Pivot (invalidation): 1.0005 Our preference Short positions below 1.0005 with targets at 0.9970 & 0.9955 in extension. Alternative scenario Above 1.0005 look for further upside with 1.0020 & 1.0035 as targets...

Pivot (invalidation): 111.60 Our preference Long positions above 111.60 with targets at 112.00 & 112.25 in extension. Alternative scenario Below 111.60 look for further downside with 111.30 & 111.05 as targets...

Pivot (invalidation): 1.3190 Our preference Short positions below 1.3190 with targets at 1.3140 & 1.3105 in extension. Alternative scenario Above 1.3190 look for further upside with 1.3225 & 1.3255 as targets...

Pivot (invalidation): 1.1350 Our preference Short positions below 1.1350 with targets at 1.1310 & 1.1290 in extension. Alternative scenario Above 1.1350 look for further upside with 1.1370 & 1.1390 as targets...

The pound has staged a decent rally against the USD and EUR in the past weeks, and 1-month implied volatility has fallen further. But uncertainty on Brexit is extreme. Extension of Article 50, thus reducing the likelihood for UK crashing out of EU, is questionable...