Jiming Huang / Perfil

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...

Pivot (invalidation): 1200.00 Our preference Short positions below 1200.00 with targets at 1192.50 & 1190.00 in extension. Alternative scenario Above 1200.00 look for further upside with 1203.00 & 1206.00 as targets...

Pivot (invalidation): 2919.50 Our preference Long positions above 2919.50 with targets at 2942.00 & 2950.50 in extension. Alternative scenario Below 2919.50 look for further downside with 2910.00 & 2900.00 as targets...

Pivot (invalidation): 12375.00 Our preference Long positions above 12375.00 with targets at 12460.00 & 12530.00 in extension. Alternative scenario Below 12375.00 look for further downside with 12325.00 & 12260.00 as targets...

Pivot (invalidation): 6.2590 Our preference Long positions above 6.2590 with targets at 6.3290 & 6.3780 in extension. Alternative scenario Below 6.2590 look for further downside with 6.2070 & 6.1780 as targets...

Pivot (invalidation): 0.7290 Our preference Short positions below 0.7290 with targets at 0.7250 & 0.7235 in extension. Alternative scenario Above 0.7290 look for further upside with 0.7305 & 0.7325 as targets...