Sample Category Title

Pivot (invalidation): 1.3385

Our preference Long positions above 1.3385 with targets at 1.3420 & 1.3445 in extension.

Alternative scenario Below 1.3385 look for further downside with 1.3370 & 1.3345 as targets.

Comment The RSI lacks downward momentum.

The State Secretariat for Economic Affairs (SECO)  lowered both 2018 and 2019 Swiss growth forecasts significantly. SECO cited that "this is mainly due to weak domestic demand". Also, "In the wake of the decline in international growth, Swiss foreign trade decreased. The appreciation of the Swiss franc in the meantime additionally slowed exports, while domestic demand also failed to stimulate growth. "

• For 2018, growth projection is lowered to 2.6%, down from 2.9%.
• For 2019, growth projection is lowered to 1.5%, down from 2.0%.
• For 2020, growth is now estimated to be at 1.7%.

On inflation

• For 2018, CPI is projected to be at 1.0%, unrevised
• for 2019, CPI is projected to be at 0.5%, down from prior estimate of 0.8%
• For 2020, CPI is projected to pickup to 0.7%.

On more thing to now is that SECO's projection was based on assumption that the three month LIBOR interest rate will climb to -0.5% in 2020.

Full release here.

Pivot (invalidation): 0.7180

Our preference Long positions above 0.7180 with targets at 0.7200 & 0.7215 in extension.

Alternative scenario Below 0.7180 look for further downside with 0.7165 & 0.7150 as targets.

Comment The RSI is above its neutrality area at 50%.

Pivot (invalidation): 5.3610

Our preference Long positions above 5.3610 with targets at 5.4050 & 5.4220 in extension.

Alternative scenario Below 5.3610 look for further downside with 5.3450 & 5.3210 as targets.

Comment The RSI calls for a new upleg.

Pivot (invalidation): 2588.50

Our preference Short positions below 2588.50 with targets at 2502.00 & 2454.00 in extension.

Alternative scenario Above 2588.50 look for further upside with 2608.00 & 2634.00 as targets.

Comment The RSI shows downside momentum.

Pivot (invalidation): 10840.00

Our preference Short positions below 10840.00 with targets at 10685.00 & 10620.00 in extension.

Alternative scenario Above 10840.00 look for further upside with 10910.00 & 11000.00 as targets.

Comment The RSI is mixed and calls for caution.

Pivot (invalidation): 49.85

Our preference Short positions below 49.85 with targets at 48.60 & 48.00 in extension.

Alternative scenario Above 49.85 look for further upside with 50.50 & 51.00 as targets.

Comment The RSI shows downside momentum.

Pivot (invalidation): 14.5700

Our preference Long positions above 14.5700 with targets at 14.8000 & 14.9000 in extension.

Alternative scenario Below 14.5700 look for further downside with 14.5200 & 14.4700 as targets.

Comment The RSI is bullish and calls for further advance.

Pivot (invalidation): 1244.75

Our preference Long positions above 1244.75 with targets at 1251.00 & 1253.50 in extension.

Alternative scenario Below 1244.75 look for further downside with 1240.00 & 1236.00 as targets.

Comment The RSI shows upside momentum.

Corriere della Sera daily newspaper reported today that the European Commission has asked Italy to save EUR 2.5 - 3.0B in their 2019 budget before getting approval. However, having cut deficit target from 2.40% to 2.04% of GDP, Italian Economy Minister Giovanni Tria said both Deputy Prime Ministers Matteo Salvini and Luigi Di Maio opposed further cuts.

European Commissioner for Economic and Financial Affairs Pierre Moscovici said today that he's "been working hard, almost day and night ... so that Italy will not be sanctioned either:" He added that "we're working non-stop as part of a dialogue so that Italy can carry out the policies it wants, while respecting the rules."