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Swiss Franc to Remain Strong in Rough MarketsRisk assets tumbled sharply in panic selling last week. The three major US stocks indices, DOW, S&P 500 and NASDAQ had the worst week since the 2008 financial crisis. DOW lost -5.75% during the week, erasing all gains made since the beginning of 2011. The S&P 500 Index plummeted -7.19% to settle at 1199.38, the lowest level since November 2010. NASDAQ was down -8.12%. More importantly, all three indices broke through key support levels to complete significant medium term head and should top patterns which had very bearish implications. The CRB commodity index dived through key support level at 326 to extend the medium term decline while crude oil was down -9.22%. Safe haven flow boosted US treasures, where 2 year yield made record low, and gold, which made new record high. |    |
| Featured Technical Report | |
EUR/CHF Weekly OutlookEUR/CHF extended recent down trend last week and made another record low at 1.0707. It's possibly losing some downside momentum for the moment, but further decline is still expected as long as 1.1148 minor resistance holds. Current down trend should continue to 161.8% projection of 1.2344 to 1.1404 from 1.1891 at 1.0372 next. On the upside, though, note that break of 1.1148 resistance will suggest short term bottoming and will bring lengthier consolidations before resuming the down trend. |
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