Sample Category Title

Pivot (invalidation): 0.9910

Our preference Long positions above 0.9910 with targets at 0.9965 & 0.9990 in extension.

Alternative scenario Below 0.9910 look for further downside with 0.9890 & 0.9865 as targets.

Comment The RSI calls for a rebound.

Pivot (invalidation): 1.3380

Our preference Short positions below 1.3380 with targets at 1.3320 & 1.3290 in extension.

Alternative scenario Above 1.3380 look for further upside with 1.3420 & 1.3445 as targets.

Comment The upward potential is likely to be limited by the resistance at 1.3380.

Pivot (invalidation): 0.7210

Our preference Long positions above 0.7210 with targets at 0.7240 & 0.7255 in extension.

Alternative scenario Below 0.7210 look for further downside with 0.7195 & 0.7180 as targets.

Comment The RSI is bullish and calls for further advance.

SNB kept sight deposit rate unchanged at -0.75% as widely expected. Three month Libor target range is held at -1.25% to -0.25% correspondingly. SNB also pledged to "remain active in the foreign exchange market as necessary".

SNB also noted that Swiss Fran is "still highly valued, and the situation on the foreign exchange market continues to be fragile." Negative interest rate and the willingness to intervene "remains essential". Theses measures "keep the attractiveness of Swiss franc investments low and reduce upward pressure on the currency.

Near term inflation forecast was revised lower due to "drop in oil prices". Medium term inflation forecast is also revised lower due to "more moderate growth prospects".

• For 2018, inflation is forecast to be at 0.9%, unchanged
• For 2019, inflation is forecast to be at 0.5%, revised down from 0.8%
• For 2020, inflation is forecast to be at 1.0%, revised down from 1.2%

Slow down in Q3 is seen as temporary by SNB. And it anticipates "solid growth in the coming quarters". For the near term, world economy will continue to expand "somewhat above potential". But "gradual slowdown is likely in the medium term". SNB pointed out some significant risks including "political uncertainties and protectionist tendencies" For 2018, growth is projected to be at 2.5%, slightly revised down. For 2019, growth is projected to slow to 1.5%

Full statement here.

Pivot (invalidation): 5.3300

Our preference Long positions above 5.3300 with targets at 5.3700 & 5.4000 in extension.

Alternative scenario Below 5.3300 look for further downside with 5.3050 & 5.2680 as targets.

Comment A support base at 5.3300 has formed and has allowed for a temporary stabilisation.

Pivot (invalidation): 2685.00

Our preference Short positions below 2685.00 with targets at 2623.00 & 2582.00 in extension.

Alternative scenario Above 2685.00 look for further upside with 2708.00 & 2735.00 as targets.

Comment The RSI advocates for further decline.

Pivot (invalidation): 10850.00

Our preference Long positions above 10850.00 with targets at 11010.00 & 11078.00 in extension.

Alternative scenario Below 10850.00 look for further downside with 10770.00 & 10680.00 as targets.

Comment The RSI is bullish and calls for further advance.

Pivot (invalidation): 1241.75

Our preference Long positions above 1241.75 with targets at 1247.00 & 1249.00 in extension.

Alternative scenario Below 1241.75 look for further downside with 1239.00 & 1236.00 as targets.

Comment The RSI is mixed with a bullish bias.

Pivot (invalidation): 14.6200

Our preference Long positions above 14.6200 with targets at 14.8300 & 14.9100 in extension.

Alternative scenario Below 14.6200 look for further downside with 14.5200 & 14.4600 as targets.

Comment The RSI advocates for further advance.

Pivot (invalidation): 51.95

Our preference Short positions below 51.95 with targets at 50.50 & 50.10 in extension.

Alternative scenario Above 51.95 look for further upside with 52.80 & 53.30 as targets.

Comment The RSI is mixed to bearish.