Jiming Huang / Profile

Pivot (invalidation): 1.3155 Our preference Long positions above 1.3155 with targets at 1.3195 & 1.3225 in extension. Alternative scenario Below 1.3155 look for further downside with 1.3125 & 1.3100 as targets...

Pivot (invalidation): 1.1755 Our preference Long positions above 1.1755 with targets at 1.1775 & 1.1795 in extension. Alternative scenario Below 1.1755 look for further downside with 1.1730 & 1.1710 as targets...

Budget talks in Rome end on Thursday, and there is risk that it could exceed investors’ expectations, putting additional pressure on the Euro. Early September estimates were 1.50% of GDP; recent estimates are 2% - still below the EU’s 3% limit...

Tightening supply is pushing oil prices higher. The USA has sanctioned Iranian crude exports, while at home capacity constraints and pipeline bottlenecks are tightening, and inventories have hit their lowest level since 2015. This, despite US crude production reaching an all-time high June...

Pivot (invalidation): 71.65 Our preference Long positions above 71.65 with targets at 72.75 & 73.10 in extension. Alternative scenario Below 71.65 look for further downside with 70.90 & 70.50 as targets...

Pivot (invalidation): 14.1800 Our preference Long positions above 14.1800 with targets at 14.2800 & 14.3500 in extension. Alternative scenario Below 14.1800 look for further downside with 14.1300 & 14.0700 as targets...

Pivot (invalidation): 1196.50 Our preference Long positions above 1196.50 with targets at 1201.00 & 1204.00 in extension. Alternative scenario Below 1196.50 look for further downside with 1194.00 & 1191.50 as targets...

Pivot (invalidation): 2929.75 Our preference Short positions below 2929.75 with targets at 2910.00 & 2893.00 in extension. Alternative scenario Above 2929.75 look for further upside with 2941.00 & 2950.50 as targets...

Pivot (invalidation): 12430.00 Our preference Short positions below 12430.00 with targets at 12325.00 & 12260.00 in extension. Alternative scenario Above 12430.00 look for further upside with 12460.00 & 12530.00 as targets...

Pivot (invalidation): 6.1170 Our preference Long positions above 6.1170 with targets at 6.1870 & 6.2390 in extension. Alternative scenario Below 6.1170 look for further downside with 6.0450 & 6.0135 as targets...

Pivot (invalidation): 0.7265 Our preference Short positions below 0.7265 with targets at 0.7220 & 0.7200 in extension. Alternative scenario Above 0.7265 look for further upside with 0.7280 & 0.7300 as targets...

Pivot (invalidation): 1.2930 Our preference Long positions above 1.2930 with targets at 1.2980 & 1.3000 in extension. Alternative scenario Below 1.2930 look for further downside with 1.2905 & 1.2880 as targets...

Pivot (invalidation): 0.9630 Our preference Long positions above 0.9630 with targets at 0.9700 & 0.9725 in extension. Alternative scenario Below 0.9630 look for further downside with 0.9605 & 0.9575 as targets...

Pivot (invalidation): 112.65 Our preference Long positions above 112.65 with targets at 113.00 & 113.15 in extension. Alternative scenario Below 112.65 look for further downside with 112.50 & 112.35 as targets...

Pivot (invalidation): 1.3135 Our preference Short positions below 1.3135 with targets at 1.3090 & 1.3060 in extension. Alternative scenario Above 1.3135 look for further upside with 1.3170 & 1.3205 as targets...

Pivot (invalidation): 1.1760 Our preference Short positions below 1.1760 with targets at 1.1720 & 1.1700 in extension. Alternative scenario Above 1.1760 look for further upside with 1.1775 & 1.1795 as targets...

Although Switzerland’s balance of payments increased CHF 2 billion to CHF 22 billion in Q2, we expect the trend to reverse in Q3, as the US-China trade war weighs on the franc, which has appreciated against the Euro and US dollar by -2% and -2.80% since the beginning of June...

Q4 should see a US slowdown: we suspect China retaliations will erode US growth. This means the tightening cycle is pretty much priced in: 80% probability of a December hike and another 0.8% of tightening over the next 12 months...

Pivot (invalidation): 70.70 Our preference Long positions above 70.70 with targets at 72.25 & 72.80 in extension. Alternative scenario Below 70.70 look for further downside with 70.00 & 69.20 as targets...

Pivot (invalidation): 14.2500 Our preference Short positions below 14.2500 with targets at 14.1300 & 14.0700 in extension. Alternative scenario Above 14.2500 look for further upside with 14.3500 & 14.4300 as targets...