International Chart Outlook

INVESTMENT SOLUTIONS & PRODUCTS
Investment Strategy,
Technical Strategy
Technical Investment Weekly

International Chart Outlook
Zurich, 19th January 2018
In November and December 2017, the Nasdaq Nasdaq Biotechnology Index

Biotechnology Index broke below the 200-day moving 3600
average but managed to recover quickly in both cases. 3550
3500
However, in mid-December, the index managed to surpass 3450
3400
the 55-day moving average and is currently heading toward 3350
3300
the previous highs at around 3600. Given the unfolding top 3250
3200
in the short-term momentum (shaded oscillator in the lower 55-day average

3150
3100
half of the chart), a short-term consolidation or even a minor

3050
3000
correction seems likely. But both the medium-term

2950
200-day average 2900
2850
momentum (blue oscillator) and the 55-day moving average 1000
are turning to the upside and signal that despite the potential
short-term weakness, the medium-term technical picture 500
remains promising. Hence, a break above the previous highs 0

would trigger a clear technical signal that further strength can
be expected. On the other hand, only a clear break below the -500
200-day moving average would endanger the intact larger

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 Feb
uptrend. Resistances are at 3600, 3840 and 4025. Supports Source: Reuters, MetaStock, Credit Suisse
can be found at 3435, 3280 and 3165.
Following the strong upmove in December, the Philadelphia Philadelphia Gold/Silver Index
Gold/Silver Index entered a minor correction but managed
to hold above the moving averages. At the moment, the
95
200-day average
index is challenging the resistance line connecting the highs 90
from February and September 2017 but the short-term

momentum (shaded oscillator in the lower half of the chart) 85
remains falling. This indicates that more time is needed for a 55-day average 80
sustainable breakout. However, the medium-term
momentum (blue oscillator) started a bottoming process in 75
December and is still rising. This signals that with the next 100
short-term momentum bottom, which we expect within the 50
next few days, a sustainable breakout becomes likely. Such
55-day average
a break above the resistance line at around 90 would signal 200-day average
-50
the start of a new medium-term uptrend. The next -100
resistances are at 93.5 and 97.4. Support can be found at x10
-150
around 88, 84.5/84 and 82.2. Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 Feb
Source: Reuters, MetaStock, Credit Suisse
Credit Suisse Relationship Managers and Investment Consultants who want to add clients to the e-mail subscription list of our
International Chart Outlook please visit: https://isr.csintra.net/subscriptions
pascal.zingg@credit-suisse.com christian.sutter.2@credit-suisse.com
This document represents the views of the Investment Strategy Department of CS and has not been prepared in accordance with
the legal requirements designed to promote the independence of investment research. It is not a product of the Credit Suisse Research
Department even if it contains published research recommendations.
“Past performance is not an indicator of future performance. Performance can be affected by commissions, fees or other charges as well as exchange rate fluctuations.”
International Chart Outlook Page 1

19.01.2018
Zurich/Switzerland
Technical Strategy
PAGE GLOBAL STOCK MARKET INDICES RIC CLOSE Mt Score Position Rec.Date Rec. Price P&L YTD Perf.
4 MSCI AC WORLD .dMIWD00000G 1'214.25 + NA long 06.10.2017 1'120.50 8.3% 4.01%
5 MSCI EMERGING MARKETS .dMIEF00000G 139'502 + 30 long 24.05.2017 114'839.10 21.8% 4.81%
AMERICAN INDICES
7 USA S&P 500 INDEX .SPX 2'802.56 + 36 long 22.12.2017 2'679.30 4.6% 4.43%
7 MSCI CANADA INDEX .MSCICA 2'093.62 0 11 0.92%
BRAZIL BOVESPA INDEX .BVSP 80'963 0 34 5.97%
MEXICO BOLSA INDEX .MXX 49'912 0 20 1.08%
EUROPEAN INDICES
8 EUROPE EUROSTOXX 50 INDEX .STOXX50E 3'620.91 0 15 3.34%
FRANCE CAC40 INDEX .FCHI 5'494.83 + 14 long 12.05.2017 5'392.25 2.4% 3.43%
9 GERMANY DAX .GDAXI 13'281.43 - 14 short 08.12.2017 13'211.80 -1.4% 2.82%
9 SWITZERLAND SMI .SSMI 9'452.35 0 10 0.75%
8 U.K. FTSE 100 INDEX .FTSE 7'700.96 0 14 0.17%
ITALY MIB INDEX .FTMIB 23'630.81 + 28 long 12.05.2017 21'578.00 10.3% 8.13%
SPAIN IBEX 35 INDEX .IBEX 10'432.70 - 20 short 08.12.2017 10'372.20 -1.0% 3.87%
NETHERLANDS .AEX 566.49 + 19 long 07.04.2017 515.58 10.3% 4.02%
NORWAY OSE ALL SHARE INDEX .OSEAX 933.30 + 16 long 08.09.2017 818.88 14.1% 2.90%
SWEDEN OMXS30 INDEX .OMXS30 1'625 - 14 short 08.12.2017 1'618.89 -0.7% 3.03%
SOUTH AFRICA TOP40 INDEX .JTOPI 54'010 0 21 2.81%
POLAND WIG20 INDEX .WIG20 2'591.22 0 28 5.28%
RUSSIA MICEX INDEX .MCX 2'297.47 0 36 8.90%
TURKEY BIST 100 .XU100 116'856.02 + 6 long 12.05.2017 95'377.00 21.3% 1.32%
ASIA-PACIFIC INDICES
10 MSCI Japan Index .dMIJP00000G 2'425.32 + 17 long 10.11.2017 2'327.00 4.2% 4.58%
10 AUSTRALIA ALL ORDINARIES .AXJO 6'014.60 0 4 -0.83%
11 CHINA SHANGHAI A SHARE .SSEA 3'639.37 + NA long 12.05.2017 3'229.00 13.2% 4.86%
HONG KONG CHINA ENTERPRISES .HSCE 13'094.92 + 34 long 12.05.2017 10'292.00 28.1% 11.17%
HONG KONG HANG SENG INDEX .HSI 32'121.94 0 34 6.97%
11 INDIA BOMBAY SENSEX .BSESN 35'260.29 0 24 3.52%
INDONESIA IDX COMPOSITE INDEX .JKSE 6'472.67 0 33 1.67%
MALAYSIA FTSE BURSA KLCI INDEX .KLSE 1'821.60 0 22 2.16%
PHILIPPINES PSE INDEX .PSI 8'820.74 0 18 3.01%
SINGAPORE STRAITS TIMES INDEX .STI 3'521.31 0 21 3.48%
SOUTH KOREA KOSPI INDEX .KS11 2'515.81 + 12 long 12.05.2107 2'286.00 10.2% 1.65%
MSCI TAIWAN INDEX .dMITW00000G 805.01 0 26 3.71%
THAILAND SET INDEX .SETI 1'819.32 0 33 3.39%
Datasource: Reuters, Datastream

MT = medium-term (3-6 moths).

U = change to the upside; D = change to the downside; «+» = rising; «-» = declining; «0» = neutral.
Stock Market Indices, Commodities, Global Bond Markets

The Model Score ranges from 0 (maximum bearish) to 36 (maximum bullish) and is derived from trend and momentum indicators on the absolute price
basis as well as relative to the Benchmark.
A score of > 25 is bullish (green) and a score <11 is bearish (red). A score between 11 and 25 is neutral.
Global Currencies
The Model Score ranges from 0 (maximum bearish) to 18 (maximum bullish) and is derived from trend and momentum indicators.
A score of > 12 is bullish (green) and a score < 7 is bearish (red). A score between 7 and 12 is neutral.

19.01.2018
Zurich/Switzerland
Technical Strategy
PAGE COMMODITIES RIC CLOSE Mt Score Position Rec.Date Rec. Price P&L YTD Perf.
14 BLOOMBERG COMMODITY TR INDEX .BCOMTR 181.18 + NA long 12.01.2018 180.50 -0.5% 0.43%
PRECIOUS METALS INDEX .BCOMPRTR 358.21 + NA long 12.01.2018 358.80 0.5% 1.11%
15 GOLD XAU= 1'335.20 + 34 long 12.01.2018 1'326.90 0.6% 2.51%
15 SILVER XAG= 17.07 + 18 long 12.01.2018 17.06 0.1% 0.59%
PLATINUM XPT= 1'009.49 + 35 long 12.01.2018 989.90 2.0% 8.72%
PALLADIUM XPD= 1'109.40 + 32 long 10.11.2017 1'005.00 10.4% 4.68%
ENERGY INDEX .BCOMENTR 80.69 + NA long 12.01.2018 79.72 0.5% 2.79%
16 LIGHT SWEET CRUDE OIL (WTI) CLc1 63.95 + 32 long 12.01.2018 63.19 0.5% 6.23%
BRENT CRUDE OIL LCOc1 69.31 + 30 long 12.01.2018 68.97 -0.3% 4.15%
INDUSTRIAL METALS INDEX .BCOMINTR 277.79 + NA long 12.01.2018 278.60 0.6% -1.00%
ALUMINIUM CMAL3 2'241.00 + 34 long 10.11.2017 2'083.00 8.5% -1.54%
16 COPPER CMCU3 7'076.00 + 14 long 10.11.2017 6'806.00 4.6% -2.40%
AGRICULTURAL INDEX .BCOMAGTR 95.84 0 NA -1.17%
CORN Cc1 351.50 0 22 0.07%
SUGAR SBc1 13.08 0 0 -13.26%
GLOBAL BOND MARKETS

PAGE RIC CLOSE Mt Score Position Rec.Date Rec. Price P&L YTD Perf.
Thomson Reuters Total Return Indices
CGBI WORLD BONDS TOTAL RETURN INDEX + 2 10.11.2017 NA

18 USA 7-10 YR TOTAL RETURN .TRXAUSGOV710U 678.44 + 2 long 12.01.2018 682.09 -0.5% -1.36%
CANADA 7-10 YR TOTAL RETURN .TRXACNGOV710D 803.04 0 2 -1.13%
GERMANY 7-10 YR TOTAL RETURN .TRXABGGOV710E 765.40 0 2 -0.61%
19 SWITZERLAND 7-10 YR TOTAL RETURN .TRXASWGOV710D 353.93 0 2 -0.47%
U.K. 7-10 YR TOTAL RETURN .TRXAUKGOV710D 866.90 0 3 -1.04%
20 ITALY 7-10 YR TOTAL RETURN .TRXAITGOV710E 1'047.84 + 7 long 10.11.2017 1'056.24 -0.8% 0.27%
SPAIN 7-10 YR TOTAL RETURN .TRXAESGOV710E 1'034.65 + 12 long 10.11.2017 1'027.83 1% 0.53%
JAPAN 7-10 YR TOTAL RETURN .TRXAJPGOV710D 307.78 0 2 -0.29%
AUSTRALIA 7-10 YR TOTAL RETURN .TRXAAUGOV710D 1'174.32 + 2 long 22.09.2017 1'181.59 -0.6% -0.60%
PAGE GLOBAL CURRENCIES RIC CLOSE Mt Score Position Rec.Date Rec. Price P&L YTD Perf.
21 US DOLLAR / SWISS FRANC CHF= 0.96 0 0 -1.91%

US DOLLAR / CANADIAN DOLLAR CAD= 1.24 - 1 short 21.07.2017 1.26 1.6% -1.35%
22 US DOLLAR / JAPANESE YEN JPY= 110.62 0 0 -1.80%
23 BRITISH POUND / US DOLLAR GBP= 1.39 + 18 long 24.11.2017 1.33 4.8% 2.97%
AUSTRALIAN DOLLAR / US DOLLAR AUD= 0.80 + 17 long 07.07.2017 0.76 5.7% 2.81%
US DOLLAR / RUSSIAN ROUBLE RUB= 56.60 0 3 -1.83%
US DOLLAR / TURKISH LIRA TRY= 3.78 + 5 long 10.03.2017 3.74 1.2% -0.01%
US DOLLAR / SOUTH AFRICAN RAND ZAR= 12.17 - 0 short 12.01.2018 12.43 2.1% -1.59%
US DOLLAR / BRAZILIAN REAL BRL= 3.21 + 5 long 12.01.2018 3.22 -0.3% -3.19%
US DOLLAR / MEXICAN PESO MXN= 18.60 - 2 short 07.07.2017 18.29 -1.7% -5.34%
24 EURO / US DOLLAR EUR= 1.23 + 18 long 21.07.2017 1.1619 5.6% 2.27%
EURO / BRITISH POUND EURGBP= 0.88 0 0 -0.65%
25 EURO / SWISS FRANC EURCHF= 1.17 + 13 long 12.01.2018 1.1766 -0.3% 0.30%

MT = medium-term (3-6 moths).
U = change to the upside; D = change to the downside; «+» = rising; «-» = declining; «0» = neutral.
Stock Market Indices, Commodities, Global Bond Markets

The Model Score ranges from 0 (maximum bearish) to 36 (maximum bullish) and is derived from trend and momentum indicators on the absolute price
basis as well as relative to the Benchmark.
A score of > 25 is bullish (green) and a score <11 is bearish (red). A score between 11 and 25 is neutral.
Global Currencies
The Model Score ranges from 0 (maximum bearish) to 18 (maximum bullish) and is derived from trend and momentum indicators.

19.01.2018
MSCI AC World Stock Market Index TR and Global-40 Stock Markets Model
Daily Chart
Mt +
1200
The MSC AC World Index
1150
remains in a solid uptrend
and momentum indicators 1100
are supportive as well.
Hence, we keep our 1050
technical outlook 1000
unchanged as we expect
further strength. 950
900
850
800
750
500
Resistances: 0
- 1215
- 1265 Short-term momentum (ST MOM)
- 1300 -500
Supports: Medium-term momentum (MT MOM)
- 1170
- 1125
- 1100 2016 M A M J J A S O N D 2017 M A M J J A S O N D 2018 M A M
GREEN = The Stock Market is rising. RED = The Stock Market is declining.
TOTAL STOCK MODEL MODEL ST SHORT-TERM MT MEDIUM TERM LT LONG-TERM
SCORE MARKETS TREND RELATIVE PERF SCORE ST MOM 13D AVG 21D AVG SCORE MT MOM 34D AVG 55D AVG SCORE LT MOM 89D AVG 144D AVG
18 CHILE UP OUTPERFORM 3 1 1 1 3 1 1 1 3 1 1 1
18 INDIA UP underperform 3 1 1 1 3 1 1 1 3 1 1 1
18 QATAR UP OUTPERFORM 3 1 1 1 3 1 1 1 3 1 1 1
18 RUSSIA UP OUTPERFORM 3 1 1 1 3 1 1 1 3 1 1 1
18 TAIWAN UP neutral 3 1 1 1 3 1 1 1 3 1 1 1
18 USA UP OUTPERFORM 3 1 1 1 3 1 1 1 3 1 1 1
17 BRAZIL UP OUTPERFORM 2 0 1 1 3 1 1 1 3 1 1 1
17 CHINA UP OUTPERFORM 2 0 1 1 3 1 1 1 3 1 1 1
17 HONG KONG UP OUTPERFORM 2 0 1 1 3 1 1 1 3 1 1 1
17 INDONESIA UP OUTPERFORM 2 0 1 1 3 1 1 1 3 1 1 1
17 ISRAEL UP OUTPERFORM 2 0 1 1 3 1 1 1 3 1 1 1
17 MALAYSIA UP underperform 2 0 1 1 3 1 1 1 3 1 1 1
17 MEXICO UP underperform 2 0 1 1 3 1 1 1 3 1 1 1
17
* SINGAPORE UP underperform 2 0 1 1 3 1 1 1 3 1 1 1
17 THAILAND UP OUTPERFORM 2 0 1 1 3 1 1 1 3 1 1 1
17 TURKEY UP OUTPERFORM 2 0 1 1 3 1 1 1 3 1 1 1
17 UAE UP neutral 2 0 1 1 3 1 1 1 3 1 1 1
16 AUSTRIA UP OUTPERFORM 3 1 1 1 3 1 1 1 2 0 1 1
16 FINLAND UP underperform 3 1 1 1 3 1 1 1 2 0 1 1
16 ITALY UP OUTPERFORM 3 1 1 1 3 1 1 1 2 0 1 1
16 NETHERLAND UP underperform 3 1 1 1 3 1 1 1 2 0 1 1
16 PHILIPPINE UP underperform 1 0 0 1 3 1 1 1 3 1 1 1
16 POLAND UP OUTPERFORM 3 1 1 1 3 1 1 1 2 0 1 1
16 SPAIN UP underperform 3 1 1 1 3 1 1 1 2 0 1 1
15 PORTUGAL UP underperform 2 0 1 1 3 1 1 1 2 0 1 1
14 NORWAY UP underperform 2 0 1 1 2 0 1 1 3 1 1 1
14 SOUTH AFRICA UP neutral 2 0 1 1 2 0 1 1 3 1 1 1
14
* UK UP underperform 1 0 0 1 3 1 1 1 2 0 1 1
13 DENMARK UP underperform 1 0 0 1 2 0 1 1 3 1 1 1
13 FRANCE UP underperform 3 1 1 1 2 0 1 1 2 0 1 1
13 GERMANY UP underperform 3 1 1 1 2 0 1 1 2 0 1 1
13 JAPAN UP underperform 3 1 1 1 2 0 1 1 2 0 1 1
13 SWEDEN UP underperform 3 1 1 1 2 0 1 1 2 0 1 1
12 BELGIUM UP underperform 2 0 1 1 2 0 1 1 2 1 0 1
12 SOUTH KOREA UP underperform 2 0 1 1 2 0 1 1 2 0 1 1
11
* CANADA FLAT underperform 1 0 0 1 2 0 1 1 2 0 1 1
10
* SWITZERLAND FLAT underperform 0 0 0 0 2 0 1 1 2 0 1 1
9
* LUXEMBURG FLAT underperform 3 1 1 1 2 1 0 1 0 0 0 0
7 IRELAND FLAT underperform 0 0 0 0 1 0 0 1 2 0 1 1
4 AUSTRALIA DOWN underperform 0 0 0 0 0 0 0 0 2 0 1 1
*
82.5% 72.5% (0% max bearish, 100% max bullish.) 85.8% (0% max bearish, 100% max bullish.) 82.5% (0% max bearish, 100% max bullish.)
UP/OUTPERFORM 35 14 17 33 37 27 37 39 22 38 39
DOWN/underperform 1 23 23 7 3 13 3 1 18 2 1
FLAT/neutral 4 3 40 40 40 40 40 40 40 40 40
40 40 43% 83% 93% 68% 93% 98% 55% 95% 98%
58% 18% 8% 33% 8% 3% 45% 5% 3%
Datasource: Reuters, Datastream 100% 100% 100% 100% 100% 100% 100% 100% 100%

19.01.2018
MSCI Emerging Stock Market Index and Emerging Countries Model

Daily Chart
Mt + 14000
The short-term 13500
momentum in the MSCI 13000
EM Index is quite 12500
extended but the medium-
12000
term momentum remains
rising. Hence, a brief 11500
consolidation is possible 11000
but we expect the larger 10500
uptrend to continue
10000
thereafter.
9500
9000
8500
x10 8000
500
Resistances:
- 141’000 0
- 145’000
- 149’000
Supports:
-500
- 134’500
- 130’000
- 125’000
2016 M A M J J A S O N D 2017 M A M J J A S O N D 2018 M A M
GREEN = The Stock Market is rising. RED = The Stock Market is declining.
TOTAL EMERGING MODEL ST SHORT-TERM MT MEDIUM TERM LT LONG TERM
SCORE COUNTRIES TREND SCORE MOM 13D 21D SCORE MOM 34D 55D SCORE MOM 89D 144D
18 CHILE UP 3 1 1 1 3 1 1 1 3 1 1 1
18 ECUADOR UP 3 1 1 1 3 1 1 1 3 1 1 1
18 JORDAN UP 3 1 1 1 3 1 1 1 3 1 1 1
18 LATVIA UP 3 1 1 1 3 1 1 1 3 1 1 1
18 NIGERIA UP 3 1 1 1 3 1 1 1 3 1 1 1
18 QATAR UP 3 1 1 1 3 1 1 1 3 1 1 1
18 RUSSIA UP 3 1 1 1 3 1 1 1 3 1 1 1
18 SLOVAKIA UP 3 1 1 1 3 1 1 1 3 1 1 1
18 TUNISIA UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UKRAINE UP 3 1 1 1 3 1 1 1 3 1 1 1
18 VENEZUELA UP 3 1 1 1 3 1 1 1 3 1 1 1
17 BRAZIL UP 2 0 1 1 3 1 1 1 3 1 1 1
17 COLOMBIA UP 2 0 1 1 3 1 1 1 3 1 1 1
17 CZECH REP. UP 2 0 1 1 3 1 1 1 3 1 1 1
17 ESTONIA UP 2 0 1 1 3 1 1 1 3 1 1 1
17 MEXICO UP 2 0 1 1 3 1 1 1 3 1 1 1
17 PERU UP
* 2 0 1 1 3 1 1 1 3 1 1 1
17 SLOVENIA UP 2 0 1 1 3 1 1 1 3 1 1 1
17 TURKEY UP 2 0 1 1 3 1 1 1 3 1 1 1
16 CROATIA UP 3 1 1 1 3 1 1 1 2 0 1 1
16 EGYPT UP 3 1 1 1 3 1 1 1 2 0 1 1
16 POLAND UP 3 1 1 1 3 1 1 1 2 0 1 1
16 ROMANIA UP 3 1 1 1 3 1 1 1 2 0 1 1
15 ARGENTINA UP 3 1 1 1 2 0 1 1 3 1 1 1
15 BULGARIA UP 2 0 1 1 3 1 1 1 2 0 1 1
15 LEBANON UP 2 0 1 1 3 1 1 1 2 0 1 1
15 NAMIBIA UP 3 1 1 1 2 0 1 1 3 1 1 1
15 PAKISTAN UP 2 0 1 1 3 1 1 1 2 0 1 1
13 MALTA UP 3 1 1 1 2 0 1 1 2 0 1 1
11 HUNGARY FLAT 1 0 0 1 2 0 1 1 2 0 1 1
11 LITHUANIA FLAT
* 1 0 0 1 2 0 1 1 2 0 1 1
6 KENYA DOWN
* 1 1 0 0 1 1 0 0 1 1 0 0
5 SRI LANKA DOWN
* 0 0 0 0 1 0 1 0 1 1 0 0
2 MOROCCO DOWN
* 0 0 0 0 0 0 0 0 1 1 0 0
0 OMAN DOWN 0 0 0 0 0 0 0 0 0 0 0 0
82.7%
* 75.2% 85.7% 81.9%
UP 29 19 29 31 27 32 31 24 31 31
DOWN 4 16 6 4 8 3 4 11 4 4
FLAT 2 35 35 35 35 35 35 35 35 35
35 54% 83% 89% 77% 91% 89% 69% 89% 89%
46% 17% 11% 23% 9% 11% 31% 11% 11%

19.01.2018
Index Constituents Momentum Cycle Model

The Index Constituents Momentum Model shows the percentage of the single securities in the different momentum stages
Theoretical momentum cycle

Advancing quadrant: Momentum is above the zero line and rising
A D Down quadrant: Momentum is above the zero line and falling
.
Zero line
U Momentum T
Up quadrant: Momentum is below the zero line and rising
Cylce
Terminating quadrant: Momentum is below the zero line and falling
S&P 500 Index Constituents

Top: 75% Top: 78% Top: 78%
Fa Fa Fa
% ll in % ll in % ll in
58 g: 63 g: 56 g:
g: A D 42 g: A D 36 g: A D 43
s in % s in % s in %
Ri 43% 32% Ri 52% 26% Ri 50% 27%
Long-Term Medium-Term Short-Term

15% Momentum 10% 11% Momentum 10% 6% Momentum 16%
U Cycle T U Cycle T U Cycle T
Bottom: 25% Bottom: 22% Bottom: 22%
STOXX 600 Index Constituents

Top: 84% Top: 66% Top: 75%
Fa Fa Fa
39 g: 48 g: 47 g:
g: A D 61 g: A D 52 g: A D 54
s in % s in % s in %
Ri 33% 51% Ri 29% 37% Ri 42% 33%
.
NIKKEI 225 Index Constituents

Top: 88% Top: 82% Top: 84%
Fa Fa Fa
% ll in % ll in %
34 g: 27 g: 30 ll in
g: A D 65 g: A D 73 g: A D g:
s in % s in % s in
70
Ri 30% 57% Ri 23% 60% Ri 29% 56%
%
.
1325 Stocks from S&P 500, STOXX 600 and NIKKEI 225
Top: 81% Top: 73% Top: 77%
Fa Fa Fa
45 g: 50 g: 47 g:
g: A D 55 g: A D 50 g: A D 53
s in s in s in %
Ri 36% 45%
% Ri 37% 37%
% Ri 43% 35%
.
19.01.2018
USA – S&P 500 Index Daily Chart
Mt + 2800
Trend and momentum 2700
indicators in the S&P 500 2600
index are positive. Given
this combination, we 2500
expect a continuation of
2400
the current uptrend.
2300
2200
2100
2000
1900
1800
500
Resistances: 0
- 2805
- 2835
- 2850
-500
Supports:
- 2775
- 2737
- 2700
Canada – MSCI Canada Index Daily Chart
2150
Mt 0 2100
The MSCI Canada Index 2050
remains within its 2000
consolidation range and 1950
both momentum indicators 1900
are falling. Given this
1850
combination, we expect at
least re-test of the 1800
previous breakout level. 1750
Hence, we are reiterating 1700
our neutral technical 1650
outlook.
1600
1550
1500
1450
500
Resistances:
- 2133 0
- 2160
- 2200
Supports: -500
- 2070
- 2040
- 2000

19.01.2018
Europe – Eurostoxx 50 Index Daily Chart
Mt 0 3700
The Eurostoxx 50 Index 3600
remains within its short- 3500
term consolidation and the
medium-term momentum 3400
is still falling. Hence, we 3300
do not expect an upside
breakout and keep our 3200
unchanged.
3000
2900
2800
2700
2600
500
Resistances:
- 3670
0
- 3700
- 3800
Supports: -500
- 3620
- 3520
- 3500 -1000
U.K. – FTSE 100 Index Daily Chart
Mt 0
Given the falling short-term 7500
momentum, we expect a
retest of the previous
breakout level. Hence, we
keep our technical outlook 7000
neutral for now.
6500
6000
5500
500
Resistances:
- 7800
- 7885
- 8100 0
Supports:
- 7600/7585
- 7450 -500
- 7290

19.01.2018
Germany – DAX Daily Chart
Mt - 13500
The Dax managed to hold 13000
above the 55-day moving
average but failed to start 12500
a new rally despite the rise 12000
in the short-term
momentum. We expect 11500
increasing downside 11000
pressure with the next top
in the short-term 10500
momentum. Thus, we 10000
keep our technical outlook
negative for now. 9500
9000
8500
500
Resistances:
- 13’500
0
- 13’800
- 14’000
Supports: -500
- 13’150
- 12’850
- 12’650 -1000
Switzerland – Swiss Market Index SMI Daily Chart
Mt 0
9500
The SMI failed to
sustainably surpass the
resistance area at around
9000
9500/9600. In addition,
both momentum indicators
are now falling and indicate
further sideways trading. 8500
8000
7500
600
500
400
300
Resistances: 200
- 9500 100
0
- 9600 -100
- 9700 -200
Supports: -300
-400
- 9350 -500
- 9200 -600
- 9080 -700


19.01.2018
MSCI Japan Index Daily Chart
Mt + 2450
2400
Despite the weakening 2350
2300
indicator, the MSCI Japan 2200
Index is trending higher. As 2150
far as there are no clear 2100
2050
indications for a change in 2000
this trend, we keep our 1950
unchanged. 1850
1800
1750
1700
1650
1600
1550
1500
1450
500
Resistances:
- 2480 0
- 2545
- 2660
-500
Supports:
- 2350
- 2250 -1000
- 2210
Australia – ASX 200 Index Daily Chart
Mt 0 6200
6100
The ASX 200 Index is 6000
currently testing the 55- 5900
day moving average. 5800
However, both momentum 5700
indicators are falling, which 5600
indicates increasing 5500
downside pressure and a 5400
potential test of the 5300
previous breakout level. 5200
Thus, we keep our 5100
technical outlook neutral
5000
for now.
4900
4800
4700
600
500
400
300
Resistances: 200
- 6050 100
- 6150 0
-100
- 6230 -200
Supports: -300
- 5960 -400
-500
- 5915 -600
- 5825 -700

19.01.2018
Hang Seng Index Daily Chart
33000
Mt 0 32000
Given the stretched short- 31000
term momentum, we 30000
expect the HSI to start a 29000
correction toward the 55- 28000
day moving average. 27000
26000
25000
24000
23000
22000
21000
20000
19000
18000
500
Resistances:
- 31’500 0
- 33’250
- 34’000 -500
Supports:
- 31’500
- 30’150 -1000
- 29’400
Hang Seng China Enterprise Index Daily Chart
Mt + 13500
13000
The HSCE remains within 12500
its solid uptrend and 12000
managed to break above 11500
the previous highs.
11000
10500
10000
9500
9000
8500
8000
7500
1000
500
Resistances:
- 13’300 0
- 13’700
-500
- 14’420
Supports: -1000
- 12’500
- 12’000 -1500
- 11’400

19.01.2018
MSCI UAE Index Daily Chart
The MSCI UAE Index 420

managed to surpass the 410
144-day moving average. 400
However, given the already 390
extended short-term
380
momentum, we do not yet
expect a break above the 370
highs from 2017. 360
350
340
330
320
310
300
1000
500
Resistances:
- 415
0
- 420
- 428
-500
Supports:
- 390
-1000
- 382
- 370
Saudi Arabia Tadawul Index Daily Chart
The Tadawul Index is 8000

currently challenging the
highs from 2017 and both 7500
momentum indicators
remain rising. Hence, a
breakout seems possible, 7000
which would signal the
start of a new uptrend.
6500
6000
5500
1000
500
Resistances:
- 7585 0
- 7870
-500
- 8370
Supports: -1000
- 7435
-1500
- 7200
- 7100 -2000

19.01.2018
MSCI GLOBAL STOCK MARKET SECTORS (GICS)

Relative to
SECTOR RIC CLOSE Mt Score Position Rec.Date Rec. Price P&L YTD Perf.
MSCI World
CONSUMER DISCRETIONARY OVERWEIGHT .dMIWO0CD00PUS 253.43 + 36 long 12.01.2018 249.92 -1.3% 5.83%
INDUSTRIALS OVERWEIGHT .dMIWO0IN00PUS 276.32 + 34 long 10.02.2017 219.47 25.4% 5.60%
MATERIALS OVERWEIGHT .dMIWO0MT00PUS 293.82 + 33 long 08.09.2017 259.06 13.4% 4.74%

INFORMATION TECHNOLOGY OVERWEIGHT .dMIWO0IT00PUS 234.90 + 33 long 10.02.2017 172.12 36.5% 6.45%
ENERGY UNDERWEIGHT .dMIWO0EN00PUS 235.72 0 32 5.45%
FINANCIALS OVERWEIGHT .dMIWO0FN00PUS 133.88 + 32 long 12.01.2018 131.54 1.8% 5.20%

HEALTH CARE UNDERWEIGHT .dMIWO0HC00PUS 238.90 0 26 4.96%
CONSUMER STAPLES UNDERWEIGHT .dMIWO0CS00PUS 240.40 0 19 1.11%
TELECOM UNDERWEIGHT .dMIWO0TC00PUS 70.81 0 18 -0.45%
UTILITIES UNDERWEIGHT .dMIWO0UT00PUS 125.65 0 1 -1.20%
MSCI Global Stock Markets Sectors – Absolute Trend & Momentum Model
ABS MODEL ST SHORT-TERM MT MEDIUM TERM LT LONG TERM
MSCI WORLD SECTORS
SCORE TREND SCORE MOM 13D 21D SCORE MOM 34D 55D SCORE MOM 89D 144D
17 MSCI WORLD ENERGY $ UP 2 0 1 1 3 1 1 1 3 1 1 1

17 MSCI WORLD MATERIALS $ UP 2 0 1 1 3 1 1 1 3 1 1 1
18 MSCI WORLD INDUSTRIALS $ UP 3 1 1 1 3 1 1 1 3 1 1 1
18 MSCI WORLD CONS DISCR $ UP 3 1 1 1 3 1 1 1 3 1 1 1
18 MSCI WORLD CONS STAPLES $ UP 3 1 1 1 3 1 1 1 3 1 1 1
18 MSCI WORLD HEALTH CARE $ UP 3 1 1 1 3 1 1 1 3 1 1 1
16 MSCI WORLD FINANCIALS $ UP 3 1 1 1 3 1 1 1 2 0 1 1
18 MSCI WORLD IT $ UP 3 1 1 1 3 1 1 1 3 1 1 1
15 MSCI WORLD T/CM SVS $ UP 0 0 0 0 3 1 1 1 3 1 1 1
1 MSCI WORLD UTILITIES $ DOWN 1 1 0 0 0 0 0 0 0 0 0 0
86.7% 76.7% 90.0% 86.7%
UP 9
DOWN 1 UP 7 8 8 UP 9 9 9 UP 8 9 9
FLAT 0 DOWN 3 2 2 DOWN 1 1 1 DOWN 2 1 1
TOTAL 10 TOTAL 10 10 10 TOTAL 10 10 10 TOTAL 10 10 10
%UP 70% 80% 80% %UP 90% 90% 90% %UP 80% 90% 90%
%DOWN 30% 20% 20% %DOWN 10% 10% 10% %DOWN 20% 10% 10%
MSCI Global Stock Markets Sectors – Relative Trend & Momentum Model
REL MSCI WORLD SECTORS MODEL ST SHORT-TERM MT MEDIUM TERM LT LONG TERM
SCORE RELATIVE TO MSCI WORLD RELATIVE SCORE MOM 13D 21D SCORE MOM 34D 55D SCORE MOM 89D 144D
15 MSCI WORLD ENERGY $ outper. 0 0 0 0 3 1 1 1 3 1 1 1

16 MSCI WORLD MATERIALS $ outper. 1 0 0 1 3 1 1 1 3 1 1 1
16 MSCI WORLD INDUSTRIALS $ outper. 1 0 0 1 3 1 1 1 3 1 1 1
18 MSCI WORLD CONS DISCR $ outper. 3 1 1 1 3 1 1 1 3 1 1 1
1 MSCI WORLD CONS STAPLES $ underper. 1 1 0 0 0 0 0 0 0 0 0 0
8 MSCI WORLD HEALTH CARE $ neutral 3 1 1 1 1 1 0 0 1 1 0 0
16 MSCI WORLD FINANCIALS $ outper. 3 1 1 1 3 1 1 1 2 0 1 1
15 MSCI WORLD IT $ outper. 3 1 1 1 2 0 1 1 3 1 1 1
3 MSCI WORLD T/CM SVS $ underper. 0 0 0 0 1 1 0 0 0 0 0 0
0 MSCI WORLD UTILITIES $ underper. 0 0 0 0 0 0 0 0 0 0 0 0
60.0% 50.0% 63.3% 60.0%
OUTPERFOMR 0
UNDERPERFORM 0 UP 5 4 6 UP 7 6 6 UP 6 6 6
NEUTRAL 0 DOWN 5 6 4 DOWN 3 4 4 DOWN 4 4 4
TOTAL 0 TOTAL 10 10 10 TOTAL 10 10 10 TOTAL 10 10 10
%UP 50% 40% 60% %UP 70% 60% 60% %UP 60% 60% 60%
%DOWN 50% 60% 40% %DOWN 30% 40% 40% %DOWN 40% 40% 40%
MT = medium-term outlook (3-6 moths). U = change to the upside; D = change to the downside; «+» = rising; «-» = declining; «0» = neutral.
MSCI GLOBAL STOCK MARKET SECTORS
The Score ranges from 0 (maximum bearish) to 36 (maximum bullish) and is derived from trend and momentum indicators on the absolute price basis as
well as relative to the MSCI World Index. A score of > 25 is bullish (green) and a score <11 is bearish (red). A score between 11 and 25 is neutral.
MSCI Global Stock Market Sectors – Absolute/Relative
The ABS/REL Score ranges from 0 (maximum bearish) to 18 (maximum bullish) and is derived from trend and momentum indicators.

19.01.2018
Bloomberg Commodity Total Return Index

Daily Chart
Mt + 225
220
215
The Bloomberg 210
Commodity Total Return 205
Index is currently 200
challenging the indicated 195
resistance line. As the 190
started a bottoming 180
process, we still expect an 175
upside breakout. 170
165
160
155
150
145
140
800
700
600
500
400
300
Resistances: 200
- 183 100
- 185 0
-100
- 190 -200
Supports: -300
-400
- 179 -500
- 177 -600
GREEN = The Commodity is rising. RED = The Commodity is declining.
TOTAL COMMODITY MODEL ST SHORT-TERM MT MEDIUM TERM LT LONG-TERM
SCORE PRICES POS SCORE ST MOM 13D AVG 21D AVG SCORE MT MOM 34D AVG 55D AVG SCORE LT MOM 89D AVG 144D AVG
18 COTTON UP 3 1 1 1 3 1 1 1 3 1 1 1
18 GASOLINE UP 3 1 1 1 3 1 1 1 3 1 1 1
18 ROUGH RICE UP 3 1 1 1 3 1 1 1 3 1 1 1
17 ALUMINIUM UP 2 0 1 1 3 1 1 1 3 1 1 1
17 BRENT CRUDE OIL UP 2 0 1 1 3 1 1 1 3 1 1 1
17 GAS OIL UP 2 0 1 1 3 1 1 1 3 1 1 1
17 GOLD UP 2 0 1 1 3 1 1 1 3 1 1 1
17 LIGHT CRUDE OIL UP 2 0 1 1 3 1 1 1 3 1 1 1
17 PALLADIUM UP 2 0 1 1 3 1 1 1 3 1 1 1
17 PLATINUM UP 2 0 1 1 3 1 1 1 3 1 1 1
17 SUNFLOWER SEED UP 2 0 1 1 3 1 1 1 3 1 1 1
16 HEATING OIL UP 1 0 0 1 3 1 1 1 3 1 1 1
16 LEAD UP 3 1 1 1 3 1 1 1 2 0 1 1
15 LEAN HOGS UP 2 0 1 1 3 1 1 1 2 0 1 1
15 NATURAL GAS UP 2 0 1 1 3 1 1 1 2 0 1 1
15 SILVER UP 0 0 0 0 3 1 1 1 3 1 1 1
15 SOYABEAN MEAL UP 3 1 1 1 2 0 1 1 3 1 1 1
15 TIN UP 2 0 1 1 3 1 1 1 2 0 1 1
14 CORN UP 3 1 1 1 3 1 1 1 1 0 1 0
14 LUMBER FUTURE UP 2 0 1 1 2 0 1 1 3 1 1 1
14 WSTERN LUMBER UP 2 0 1 1 2 0 1 1 3 1 1 1
13 LIVE CATTLE UP 3 1 1 1 2 0 1 1 2 0 1 1
13 OATS UP 3 1 1 1 2 0 1 1 2 0 1 1
12 NICKEL UP 0 0 0 0 2 0 1 1 3 1 1 1
12 ROBUSTA COFFEE UP 3 1 1 1 3 1 1 1 0 0 0 0
12 ZINC UP 2 0 1 1 2 0 1 1 2 0 1 1
10 HG COPPER FLAT 0 0 0 0 2 0 1 1 2 0 1 1
10 SOYABEANS FLAT 3 1 1 1 1 0 1 0 2 1 0 1
9 CBT-WHEAT CONT. FLAT 0 0 0 0 3 1 1 1 0 0 0 0
8 COCOA FLAT 3 1 1 1 1 0 1 0 1 1 0 0
8 FEEDER CATTLE FLAT 3 1 1 1 1 0 1 0 1 1 0 0
6 ORANGE JUICE DOWN 3 1 1 1 1 0 1 0 0 0 0 0
4 PORK BELLIES DOWN 1 1 0 0 1 1 0 0 0 0 0 0
3 COFFEE 'C' DOWN 0 0 0 0 1 1 0 0 0 0 0 0
2 YELLOW MAIZ DOWN 0 0 0 0 0 0 0 0 1 1 0 0
0 ALLOY STEEL DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 SCRAP STEEL DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 SOYABEAN OIL DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 SUGAR #11 DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 WHITE SUGAR DOWN 0 0 0 0 0 0 0 0 0 0 0 0
UP 26 14 27 28 22 32 28 21 26 26
DOWN 9 26 13 12 18 8 12 19 14 14
FLAT 5 40 40 40 40 40 40 40 40 40
40 35% 68% 70% 55% 80% 70% 53% 65% 65%
19.01.2018
Gold spot price Daily Chart
Mt +
1350
Gold remains within its
triangle and the medium-
term momentum started a 1300
bottoming process. Hence,
we are reiterating our 1250
positive technical view on
gold.
1200
1150
1100
1050
1000
500
Resistances:
- 1335
- 1350 0
- 1358
Supports:
- 1305 -500
- 1290
- 1280
Silver spot price Daily Chart
21.5
Mt + 21.0
20.5
Managed to surpass the 20.0
moving averages and is 19.5
now close to the falling 19.0
resistance line. However, 18.5
the medium-term 18.0
technicals are further 17.5
improving and signal that 17.0
an upside breakout can be 16.5
expected. 16.0
15.5
15.0
14.5
14.0
13.5
1500
Resistances: 1000
- 17.3
500
- 18
- 19 0
Supports:
- 16.5 -500
- 15.5
-1000
- 14.86

19.01.2018
Light Sweet Crude Oil (WTI) Composite Energy Future Continuation 1 Daily Chart
Mt + 65
WTI managed to break 60

above the resistance at
around USD 63 and both 55
momentum indicators are
rising. Hence, we are 50
reiterating our positive
technical view on WTI. 45
40
35
30
25
2500
2000
1500
1000
Resistances: 500
- 65 0
- 67 -500
- 70 -1000
Supports: -1500
- 61 -2000
- 59
LME Three Month Copper Composite Commodity Forward Daily Chart
7500
Mt +
7000
Copper remains in a short-
term consolidation.
However, the overall 6500
uptrend remains intact and
we expect renewed 6000
strength.
5500
5000
4500
1500
1000
Resistances:
- 7221
500
- 7312
- 7500
Supports: 0
- 7000
- 6900 -500
- 6800

19.01.2018
Global Interest Rates Model

GREEN = Interest rate is rising. RED = Interest rate is declining.
TOTAL SWAP RATE % MODEL ST SHORT-TERM MT MEDIUM TERM LT LONG-TERM
SCORE 19.01.2018 POS SCORE ST MOM 13D AVG 21D AVG SCORE MT MOM 34D AVG 55D AVG SCORE LT MOM 89D AVG 144D AVG
18 CANADA 2 YR 2.18 UP 3 1 1 1 3 1 1 1 3 1 1 1
18 SWITZERL.10 YR 0.37 UP 3 1 1 1 3 1 1 1 3 1 1 1
18 SWITZERL. 20 YR 0.75 UP 3 1 1 1 3 1 1 1 3 1 1 1
16 AUSTRALIA 2 YR 2.10 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 AUSTRALIA 10 YR 2.96 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 CANADA 10 YR 2.55 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 GERMANY 10 YR 0.97 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 N. ZEALAND 2 YR 2.25 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 N. ZEALAND 10 YR 3.23 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 NORWAY 2 YR 1.18 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 NORWAY 10 YR 2.04 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 SWEDEN 10 YR 1.30 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 SWITZERL. 30 YR 0.82 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 US 2 YR 2.24 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 US 10 YR 2.59 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 US 20 YR 2.70 UP 3 1 1 1 3 1 1 1 2 0 1 1
16 US 30 YR 2.69 UP 3 1 1 1 3 1 1 1 2 0 1 1
15 CZECH REP 2Y 1.37 UP 3 1 1 1 2 0 1 1 3 1 1 1
15 GERMANY 2 YR -0.14 UP 3 1 1 1 2 0 1 1 3 1 1 1
15 GERMANY 20 YR 1.47 UP 2 0 1 1 3 1 1 1 2 0 1 1
15 GERMANY 30 YR 1.54 UP 2 0 1 1 3 1 1 1 2 0 1 1
15 JAPAN 10 YR 0.36 UP 2 0 1 1 3 1 1 1 2 0 1 1
15 JAPAN 20 YR 0.80 UP 2 0 1 1 3 1 1 1 2 0 1 1
15 JAPAN 30 YR 1.01 UP 2 0 1 1 3 1 1 1 2 0 1 1
15 UK 2 YR 0.86 UP 3 1 1 1 2 0 1 1 3 1 1 1
14 JAPAN 2 YR 0.06 UP 2 0 1 1 2 0 1 1 3 1 1 1
13 CZECH REP 10Y 1.90 UP 3 1 1 1 2 0 1 1 2 0 1 1
13 UK 10 YR 1.40 UP
* 3 1 1 1 2 0 1 1 2 0 1 1
12 SWEDEN 2 YR -0.10 UP 2 0 1 1 2 0 1 1 2 0 1 1
12 SWITZERL. 2 YR -0.46 UP 2 0 1 1 2 0 1 1 2 0 1 1
11 UK 20 YR 1.56 FLAT 3 1 1 1 2 0 1 1 1 0 0 1
9 UK 30 YR 1.53 FLAT
* 3 1 1 1 2 0 1 1 0 0 0 0
3 S. AFRICA 2 YR 6.93 DOWN 1 1 0 0 0 0 0 0 1 1 0 0
3 S. AFRICA 10 YR 7.85 DOWN 1 1 0 0 0 0 0 0 1 1 0 0
1 S. AFRICA 20 YR 8.06 DOWN 1 1 0 0 0 0 0 0 0 0 0 0
77.6% 86.7% (0% bearish, 100% bullish.) 81.9% (0% bearish, 100% bullish.) 66.7% (0% bearish, 100% bullish.)
27 32 32 22 32 32 9 30 31
YIELDS UP 30 8 3 3 13 3 3 26 5 4
YIELDS DOWN 3 35 35 35 35 35 35 35 35 35
YIELDS FLAT 2 77% 91% 91% 63% 91% 91% 26% 86% 89%
35 23% 9% 9% 37% 9% 9% 74% 14% 11%
100% 100% 100% 100% 100% 100% 100% 100% 100%
Global Government Bonds Total Return Model

GREEN = Total Return is rising. RED = Total Return is declining.
TOTAL TOTAL TOTAL RETURN MODEL ST SHORT-TERM MT MEDIUM TERM LT LONG-TERM
SCORE DAY #REF! POS SCORE ST MOM 13D AVG 21D AVG SCORE MT MOM 34D AVG 55D AVG SCORE LT MOM 89D AVG 144D AVG
18 UP GREECE UP 3 1 1 1 3 1 1 1 3 1 1 1
15 UP PORTUGAL UP 3 1 1 1 2 0 1 1 3 1 1 1
12 DOWN SPAIN UP 3 1 1 1 1 0 0 1 3 1 1 1
7 DOWN ITALY FLAT
* 3 1 1 1 0 0 0 0 2 1 0 1
6 DOWN NEW ZEALAND DOWN
* 0 0 0 0 0 0 0 0 3 1 1 1
6 UP SINGAPORE DOWN 0 0 0 0 0 0 0 0 3 1 1 1
5 DOWN IRELAND DOWN
* 1 1 0 0 0 0 0 0 2 1 0 1
3 DOWN EUROPE DOWN 1 1 0 0 0 0 0 0 1 1 0 0
3 DOWN FRANCE DOWN 1 1 0 0 0 0 0 0 1 1 0 0
3 DOWN U.K. DOWN 0 0 0 0 1 1 0 0 0 0 0 0
2 FLAT AUSTRALIA DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN AUSTRIA DOWN
* 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN CANADA DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN DENMARK DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN FINLAND DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN GERMANY DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN JAPAN DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN NETHERLANDS DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN NORWAY DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN SWEDEN DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN SWITZERLAND DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN USA DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN WORLD BOND INDEX DOWN 0 0 0 0 0 0 0 0 1 1 0 0
UP 3 7 4 4 2 2 3 22 5 7
DOWN 19 16 19 19 21 21 20 1 18 16
FLAT 1 23 23 23 23 23 23 23 23 23
23 30% 17% 17% 9% 9% 13% 96% 22% 30%
70% 83% 83% 91% 91% 87% 4% 78% 70%
All Indices are for 7-10 year maturities, 100% 100% 100% 100% 100% 100% 100% 100% 100%
except for Greece and Switzerland, which is for ALL maturities.


19.01.2018
US 10-year Treasury Yield Daily Chart
The US 10-year Treasury 2.7

0.0%
yield is again close to the 2.6
resistance at around 2.65. 2.5
However, technical 2.4
momentum indicators are 23.6%
2.3
conflicting each other,
2.2
which signals that more of 38.2%
a short-term correction can 2.1
be expected. 50.0% 2.0
1.9
61.8%
1.8
1.7
1.6
1.5
1.4
100.0% 1.3
3000
2500
2000
Resistances: 1500
- 2.65 1000
- 2.9 500
- 3.05 0
Supports: -500
- 2.57 -1000
- 2.52 -1500
- 2.48
US Total Return 7-10 year Government Bond Index Daily Chart
720
0.0%Mt +
715
Given the unfolding bottom 710

in the medium-term 705
momentum, we expect a
23.6% 700
new upmove from current
695
levels.
38.2% 690
685
50.0% 680
675
61.8% 670
665
660
250
200
150
100
Resistances: 50
- 690 0
- 700 -50
-100
- 705 -150
Supports: -200
- 680 -250
-300
- 670 -350
- 660 -400

19.01.2018
Swiss 10-year Government Bond Yield Daily Chart
Broke
The below
Swiss the lows from
10-year
2012. However,
government bondthe short-
yield 0.05
term momentum
remains within thereached
trading 0.00
oversold
range. territory and -0.05
indicates a potential -0.10
pullback to the horizontal -0.15
line. -0.20
-0.25
-0.30
-0.35
-0.40
-0.45
-0.50
-0.55
-0.60
-0.65
-0.70
60000
55000
50000
45000
40000
Resistances: 35000
- 0.37
0 30000
0.42
- 0.05 25000
0.48 20000
- 0.1
15000
Supports:
10000
---0.31
0.1 5000
---0.28
0.2 0
---0.25
0.25
Swiss Total Return 7-10 year Government Bond Index Daily Chart
Mt 0
The broad range remains
365
intact and we expect it to
continue.
360
355
350
150
100
50
Resistances:
- 358 0
- 360 -50
- 362
-100
Supports:
- 351.5 -150
- 350 -200
- 347

19.01.2018
Italian 10-year Government Bond Yield Daily Chart
2.7
The Italian Yield remains in 0.0% 2.6
a broad and volatile range.
2.5
Technical momentum also 2.4
remains conflicting. 2.3
23.6%
2.2
2.1
38.2% 2.0
1.9
50.0% 1.8
1.7
61.8%
1.6
1.5
1.4
1.3
1.2
100.0% 1.1
1.0
3000
2500
2000
Resistances: 1500
- 2.25 1000
- 2.4 500
- 2.6 0
Supports: -500
- 1.8 -1000
- 1.65 -1500
- 1.5
Italian Total Return 7-10 year Government Bond Index Daily Chart
Mt +
0.0%
The Italian TR managed to

hold above the 144-day 1050
moving average and the
short-term
23.6% momentum
started a new bottoming
process. Hence, we
expect
38.2% renewed strength.
50.0%
1000
61.8%
250
200
150
100
Resistances: 50
- 1070 0
- 1080 -50
- 1090 -100
Supports: -150
- 1040 -200
-250
- 1020
-300
- 1000

19.01.2018
US dollar/Swiss franc and the Global US dollar Model Daily Chart
Mt 0
1.03
Due to the fact that the 1.02
broad trading range
remains intact, we leave 1.01
our technical outlook 1.00
unchanged.
0.99
0.98
0.97
0.96
0.95
0.94
400
350
300
250
200
150
Resistances: 100
50
- 0.967 0
- 0.98 -50
-100
- 0.99 -150
Supports: -200
- 0.95 -250
-300
- 0.945 -350
- 0.9419
GREEN = USD is rising / Currency is declining. RED = USD is declining / Currency is rising
TOTAL DAY US DOLLAR TOTAL ST SHORT-TERM MT MEDIUM-TERM LT LONG-TERM
SCORE DAY IN 35 CURRENCIES SCORE SCORE ST MOM 13D AVG 21D AVG SCORE MT MOM 34D AVG 55D AVG SCORE LT MOM 89D AVG 144D AVG
17 UP USD / ARGENTINIAN PESO UP 2 0 1 1 3 1 1 1 3 1 1 1

15 UP USD / HONG KONG DOLLAR UP 0 0 0 0 3 1 1 1 3 1 1 1
12 UP USD / PHILIPPINE PESO UP 3 1 1 1 3 1 1 1 0 0 0 0
5 DOWN USD / BRAZILIAN REAL DOWN 1 1 0 0 0 0 0 0 2 1 0 1
5 DOWN USD / TURKISH LIRA DOWN 1 1 0 0 0 0 0 0 2 0 1 1
3 DOWN USD / INDIAN RUPEE DOWN 3 1 1 1 0 0 0 0 0 0 0 0
3 DOWN USD / MALAYSIAN RINGGIT DOWN 0 0 0 0 1 1 0 0 0 0 0 0
3 DOWN USD / RUSSIAN ROUBLE DOWN 1 1 0 0 0 0 0 0 1 1 0 0
3 DOWN USD / SOUTH KOREAN WON DOWN 3 1 1 1 0 0 0 0 0 0 0 0
2 DOWN USD / MEXICAN PESO DOWN 0 0 0 0 0 0 0 0 1 0 0 1
1 DOWN USD / AUSTRALIAN DOLLAR DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN USD / CANADIAN DOLLAR DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN USD / CHILEAN PESO DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN USD / CROATIAN KUNA DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN USD / HUNGARY FORINT DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN USD / PERUVIAN SOL DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN USD / POLISH ZLOTY DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN USD / SINGAPORE DOLLAR DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN USD / SWEDISH KRONA DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN USD / TAIWANESE DOLLAR DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN USD / THAI BAHT DOWN 1 1 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / BRITISH POUND DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / BULGARIAN LEVI DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / CHINESE YUAN DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / COLUMBIAN PESO DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / CZECH KORUNA DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / DANISH KRONE DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / EURO DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / INDONESIAN RUPIAH DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / JAPANESE YEN DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / N. ZEALAND DOLLAR DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / NORWEGIAN KRONE DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / ROMANIAN LEU DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / SOUTH AFRICAN RAND DOWN 0 0 0 0 0 0 0 0 0 0 0 0
0 DOWN USD / SWISS FRANC DOWN 0 0 0 0 0 0 0 0 0 0 0 0
11.5% 21.9% 8.8% 10.5%
17 4 4 4 3 3 4 3 5
UP 3 18 31 31 31 32 32 31 32 30
DOWN 32 35 35 35 35 35 35 35 35 35
FLAT 0 49% 11% 11% 11% 9% 9% 11% 9% 14%
35 51% 89% 89% 89% 91% 91% 89% 91% 86%
19.01.2018
US dollar/Japanese yen and the Global Japanese yen Model Daily Chart
Mt 0
120
0.0%
USD/JPY remains in a
broad range but 115
momentum indicators are 23.6%
still both deteriorating.
38.2%
110
50.0%
61.8%
105
100.0% 100
800
700
600
500
400
300
Resistances: 200
- 111.5 100
0
- 112 -100
- 114 -200
Supports: -300
- 110 -400
-500
- 109 -600
GREEN = JPY is rising / Currency is declining. RED = JPY is declining / Currency is rising
TOTAL PREV JAPANESE YEN TOTAL ST SHORT-TERM MT MEDIUM-TERM LT LONG-TERM
18 UP JPY / HONG KONG DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1

18 UP JPY / INDONESIAN RUPIAH UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP JPY / PAKISTAN RUPEE UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP JPY / PHILIPPINE PESO UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP JPY / US DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1
17 UP JPY / ARGENTINIAN PESO UP 2 0 1 1 3 1 1 1 3 1 1 1
16 UP JPY / INDIAN RUPEE UP 3 1 1 1 3 1 1 1 2 1 1 0
16 UP JPY / PERUVIAN SOL UP 3 1 1 1 3 1 1 1 2 1 1 0
14 UP JPY / KOREAN WON UP 3 1 1 1 3 1 1 1 1 1 0 0
14 UP JPY / TAIWANESE DOLLAR UP 3 1 1 1 3 1 1 1 1 1 0 0
11 FLAT JPY / SINGAPORE DOLLAR FLAT 3 1 1 1 2 1 1 0 1 1 0 0
10 FLAT JPY / TURKISH LIRA FLAT 3 1 1 1 1 0 1 0 2 0 1 1
8 FLAT JPY / BRAZILIAN REAL FLAT 2 1 1 0 0 0 0 0 3 1 1 1
8 FLAT JPY / CHILEAN PESO FLAT 3 1 1 1 1 1 0 0 1 1 0 0
7 FLAT JPY / CANADIAN DOLLAR FLAT 3 1 1 1 0 0 0 0 2 1 1 0
7 FLAT JPY / RUSSIAN ROUBLE FLAT 2 1 1 0 1 1 0 0 1 1 0 0
7 FLAT JPY / THAI BAHT FLAT 2 1 1 0 1 1 0 0 1 1 0 0
6 DOWN JPY / MEXICAN PESO DOWN 0 0 0 0 0 0 0 0 3 1 1 1
3 DOWN JPY / AUSTRALIAN DOLLAR DOWN 1 1 0 0 0 0 0 0 1 1 0 0
3 DOWN JPY / NORWEGIAN KRONE DOWN 1 1 0 0 0 0 0 0 1 1 0 0
2 DOWN JPY / COLUMBIAN PESO DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN JPY / N ZEALAND DOLLAR DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN JPY / S AFRICAN RAND DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN JPY / SWISS FRANC DOWN 0 0 0 0 0 0 0 0 1 1 0 0
1 DOWN JPY / BULGARIAN LEVI DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN JPY / CROATIAN KUNA DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN JPY / CZECH KORUNA DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN JPY / DANISH KRONE DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN JPY / EURO DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN JPY / HUNGARIY FORINT DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN JPY / POLISH ZLOTY DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN JPY / ROMANIAN LEU DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN JPY / SWEDISH KRONA DOWN 1 1 0 0 0 0 0 0 0 0 0 0
0 DOWN JPY / BRITISH POUND DOWN 0 0 0 0 0 0 0 0 0 0 0 0
37.1% 50.9% 31.6% 38.6%
27 17 14 14 12 10 23 12 9
UP 10 7 17 20 20 22 24 11 22 25
DOWN 17 34 34 34 34 34 34 34 34 34
FLAT 7 79% 50% 41% 41% 35% 29% 68% 35% 26%
34 21% 50% 59% 59% 65% 71% 32% 65% 74%

19.01.2018
British pound/US dollar and the Global British pound Model Daily Chart
1.55
Mt +
1.50
GBP/USD remains above 1.45
key moving averages and
technical momentum 1.40
indicators are both rising.
Hence, we are reiterating 1.35
our positive technical view
on GBP/USD. 1.30
1.25
1.20
1.15
500
0
Resistances:
- 1.40
- 1.43 -500
- 1.45
Supports:
- 1.37
- 1.365 -1000
- 1.36
GREEN = GBP is rising / Currency is declining. RED = GBP is declining / Currency is rising
TOTAL PREV BRITISH POUND TOTAL ST SHORT-TERM MT MEDIUM-TERM LT LONG-TERM

18 UP GBP / BRAZILIAN REAL UP 3 1 1 1 3 1 1 1 3 1 1 1

18 UP GBP / CANADIAN DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / DANISH KRONE UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / EURO UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / HONG KONG DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / INDIAN RUPEE UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / INDONESIAN RUPIAH UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / JAPANESE YEN UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / KOREAN WON UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / PAKISTAN RUPEE UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / PERUVIAN SOL UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / PHILIPPINE PESO UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / ROMANIAN LEU UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / RUSSIAN ROUBLE UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / SINGAPORE DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / TAIWANESE DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / THAI BAHT UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / UKRAINIAN HRYVNIA UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP GBP / US DOLLR UP 3 1 1 1 3 1 1 1 3 1 1 1
17 UP GBP / ARGENTINIAN PESO UP 2 0 1 1 3 1 1 1 3 1 1 1
15 UP GBP / SWISS FRANC UP 3 1 1 1 2 0 1 1 3 1 1 1
15 UP GBP / TURKISH LIRA UP 3 1 1 1 2 0 1 1 3 1 1 1
12 UP GBP / CHILEAN PESO UP 3 1 1 1 1 1 0 0 3 1 1 1
9 FLAT GBP / AUSTRALIAN DOLLAR FLAT 3 1 1 1 0 0 0 0 3 1 1 1
9 FLAT GBP / MEXICAN PESO FLAT 0 0 0 0 1 0 0 1 3 1 1 1
9 FLAT GBP / N ZEALAND DOLLAR FLAT 3 1 1 1 0 0 0 0 3 1 1 1
9 FLAT GBP / SWEDISH KRONA FLAT 3 1 1 1 0 0 0 0 3 1 1 1
7 FLAT GBP / CROATIAN KUNA FLAT 3 1 1 1 0 0 0 0 2 1 0 1
7 FLAT GBP / HUNGARIY FORINT FLAT 3 1 1 1 0 0 0 0 2 1 0 1
7 FLAT GBP / NORWEGIAN KRONE FLAT 1 1 0 0 0 0 0 0 3 1 1 1
6 DOWN GBP / COLUMBIAN PESO DOWN 2 1 1 0 0 0 0 0 2 1 0 1
5 DOWN GBP / CZECH KORUNA DOWN 2 1 1 0 1 1 0 0 0 0 0 0
5 DOWN GBP / POLISH ZLOTY DOWN 3 1 1 1 0 0 0 0 1 1 0 0
5 DOWN GBP / S AFRICAN RAND DOWN 3 1 1 1 0 0 0 0 1 1 0 0
70.0% 82.5% 58.8% 80.7%
32 32 30 22 22 23 33 28 31
UP 23 2 2 4 12 12 11 1 6 3
DOWN 4 34 34 34 34 34 34 34 34 34
FLAT 7 94% 94% 88% 65% 65% 68% 97% 82% 91%
34 6% 6% 12% 35% 35% 32% 3% 18% 9%

19.01.2018
Euro/US dollar and the Global euro Model Daily Chart
Mt +
EUR/USD is currently 1.20
breaking above key
resistance levels and both
momentum indicators 1.15
remain supportive. Hence,
we are reiterating our
positive technical outlook.
1.10
1.05
400
300
200
100
Resistances:
0
- 1.235
- 1.245 -100
- 1.26 -200
Supports:
-300
- 1.21
- 1.20 -400
- 1.19
GREEN = EUR is rising / Currency is declining. RED = EUR is declining / Currency is rising
TOTAL PREV EURO TOTAL ST SHORT-TERM MT MEDIUM-TERM LT LONG-TERM
18 UP EUR / CANADIAN DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1

18 UP EUR / CHINESE YUAN UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP EUR / HONG KONG DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP EUR / INDIAN RUPEE UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP EUR / INDONESIAN RUPIAH UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP EUR / PERUVIAN SOL UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP EUR / PHILIPPINE PESO UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP EUR / ROMANIAN LEU UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP EUR / SINGAPORE DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP EUR / TAIWANESE DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP EUR / THAI BAHT UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP EUR / US DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1
17 UP EUR / ARGENTINIAN PESO UP 2 0 1 1 3 1 1 1 3 1 1 1
17 UP EUR / BULGARIAN LEVI UP 2 0 1 1 3 1 1 1 3 1 1 1
17 UP EUR / DANISH KRONE UP 2 0 1 1 3 1 1 1 3 1 1 1
17 UP EUR / JAPANESE YEN UP 2 0 1 1 3 1 1 1 3 1 1 1
17 UP EUR / PAKISTAN RUPEE UP 2 0 1 1 3 1 1 1 3 1 1 1
16 UP EUR / KOREAN WON UP 3 1 1 1 3 1 1 1 2 1 1 0
15 UP EUR / BRAZILIAN REAL UP 3 1 1 1 2 0 1 1 3 1 1 1
15 UP EUR / RUSSIAN ROUBLE UP 3 1 1 1 2 1 1 0 3 1 1 1
13 UP EUR / SWISS FRANC UP 1 0 0 1 2 0 1 1 3 1 1 1
13 UP EUR / TURKISH LIRA UP 3 1 1 1 2 0 1 1 2 0 1 1
9 FLAT EUR / MEXICAN PESO FLAT 0 0 0 0 1 0 0 1 3 1 1 1
8 FLAT EUR / CHILEAN PESO FLAT 3 1 1 1 1 1 0 0 1 1 0 0
7 FLAT EUR / AUSTRALIAN DOLLAR FLAT 1 1 0 0 0 0 0 0 3 1 1 1
7 FLAT EUR / SWEDISH KRONA FLAT 1 1 0 0 0 0 0 0 3 1 1 1
4 DOWN EUR / CROATIAN KUNA DOWN 2 1 1 0 0 0 0 0 1 1 0 0
4 DOWN EUR / N ZEALAND DOLLAR DOWN 0 0 0 0 0 0 0 0 2 1 0 1
4 DOWN EUR / NORWEGIAN KRONE DOWN 0 0 0 0 0 0 0 0 2 1 0 1
2 DOWN EUR / COLUMBIAN PESO DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN EUR / S AFRICAN RAND DOWN 0 0 0 0 0 0 0 0 1 1 0 0
1 DOWN EUR / CZECH KORUNA DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN EUR / HUNGARY FORINT DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN EUR / POLISH ZLOTY DOWN 1 1 0 0 0 0 0 0 0 0 0 0
0 DOWN EUR / BRITISH POUND DOWN 0 0 0 0 0 0 0 0 0 0 0 0
61.8% 60.5% 56.1% 71.1%
23 23 23 20 22 22 30 25 26
UP 22 12 12 12 15 13 13 5 10 9
DOWN 9 35 35 35 35 35 35 35 35 35
FLAT 4 66% 66% 66% 57% 63% 63% 86% 71% 74%
35 34% 34% 34% 43% 37% 37% 14% 29% 26%

19.01.2018
Euro/Swiss franc and the Global Swiss franc Model Daily Chart
Mt + 1.18
1.17
Despite the weak 1.16
momentum indicators, 1.15
EUR/CHF remains above 1.14
key moving averages. 1.13
Hence, we leave our 1.12
positive technical outlook
1.11
unchanged.
1.10
1.09
1.08
1.07
1.06
450
400
350
300
250
200
Resistances: 150
- 1.18 100
- 1.20 50
0
- 1.22 -50
Supports: -100
- 1.17 -150
- 1.167 -200
- 1.16 -250
GREEN = CHF is rising / Currency is declining. RED = CHF is declining / Currency is rising
TOTAL PREV SWISS FRANC TOTAL ST SHORT-TERM MT MEDIUM-TERM LT LONG-TERM
18 UP CHF / BRAZILIAN REAL UP 3 1 1 1 3 1 1 1 3 1 1 1

18 UP CHF / HONG KONG DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP CHF / INDIAN RUPEE UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP CHF / INDONESIAN RUPIAH UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP CHF / PAKISTAN RUPEE UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP CHF / PERUVIAN SOL UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP CHF / PHILIPPINE PESO UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP CHF / UKRAINIAN HRYVNIA UP 3 1 1 1 3 1 1 1 3 1 1 1
18 UP CHF / US DOLLAR UP 3 1 1 1 3 1 1 1 3 1 1 1
17 UP CHF / ARGENTINIAN PESO UP 2 0 1 1 3 1 1 1 3 1 1 1
16 UP CHF / CANADIAN DOLLAR UP 3 1 1 1 3 1 1 1 2 0 1 1
16 UP CHF / JAPANESE YEN UP 3 1 1 1 3 1 1 1 2 0 1 1
16 UP CHF / TAIWANESE DOLLAR UP 3 1 1 1 3 1 1 1 2 1 1 0
14 UP CHF / SINGAPORE DOLLAR UP 3 1 1 1 3 1 1 1 1 0 1 0
13 UP CHF / TURKISH LIRA UP 3 1 1 1 2 0 1 1 2 0 1 1
12 UP CHF / CHINESE YUAN UP 3 1 1 1 0 1 1 1 0 0 0 0
12 UP CHF / KOREAN WON UP 3 1 1 1 3 1 1 1 0 0 0 0
12 UP CHF / THAI BAHT UP 3 1 1 1 3 1 1 1 0 0 0 0
9 FLAT CHF / MEXICAN PESO FLAT 0 0 0 0 1 0 0 1 3 1 1 1
9 FLAT CHF / ROMANIAN LEU FLAT 3 1 1 1 2 1 1 0 0 0 0 0
8 FLAT CHF / RUSSIAN ROUBLE FLAT 3 1 1 1 1 1 0 0 1 1 0 0
6 DOWN CHF / CHILEAN PESO DOWN 3 1 1 1 1 1 0 0 0 0 0 0
5 DOWN CHF / DANISH KRONE DOWN 2 1 1 0 1 1 0 0 0 0 0 0
5 DOWN CHF / EURO DOWN 2 1 1 0 1 1 0 0 0 0 0 0
4 DOWN CHF / CZECH KORUNA DOWN 1 1 0 0 1 1 0 0 0 0 0 0
4 DOWN CHF / POLISH ZLOTY DOWN 1 1 0 0 1 1 0 0 0 0 0 0
3 DOWN CHF / BRITISH POUND DOWN 0 0 0 0 1 1 0 0 0 0 0 0
3 DOWN CHF / S AFRICAN RAND DOWN 1 1 0 0 0 0 0 0 1 1 0 0
2 DOWN CHF / AUSTRALIAN DOLLAR DOWN 2 1 1 0 0 0 0 0 0 0 0 0
2 DOWN CHF / COLUMBIAN PESO DOWN 0 0 0 0 0 0 0 0 1 1 0 0
2 DOWN CHF / CROATIAN KUNA DOWN 2 1 1 0 0 0 0 0 0 0 0 0
2 DOWN CHF / SWEDISH KRONA DOWN 2 1 1 0 0 0 0 0 0 0 0 0
1 DOWN CHF / HUNGARIY FORINT DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN CHF / N ZEALAND DOLLAR DOWN 1 1 0 0 0 0 0 0 0 0 0 0
1 DOWN CHF / NORWEGIAN KRONE DOWN 1 1 0 0 0 0 0 0 0 0 0 0
52.2% 68.4% 52.6% 39.5%
31 26 21 25 19 19 15 16 14
UP 18 4 9 14 10 16 16 20 19 21
DOWN 14 35 35 35 35 35 35 35 35 35
FLAT 3 82% 68% 55% 66% 50% 50% 39% 42% 37%
35 11% 24% 37% 26% 42% 42% 53% 50% 55%
92% 92% 92% 92% 92% 92% 92% 92% 92%

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International Chart Outlook

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INVESTMENT SOLUTIONS & PRODUCTS

Technical Investment Weekly

Zurich, 19th January 2018

In November and December 2017, the Nasdaq Nasdaq Biotechnology Index

in the short-term momentum (shaded oscillator in the lower 55-day average

half of the chart), a short-term consolidation or even a minor

correction seems likely. But both the medium-term

remains promising. Hence, a break above the previous highs 0

200-day moving average would endanger the intact larger

from February and September 2017 but the short-term

Source: Reuters, MetaStock, Credit Suisse

International Chart Outlook Page 1

4 MSCI AC WORLD .dMIWD00000G 1'214.25 + NA long 06.10.2017 1'120.50 8.3% 4.01%

7 MSCI CANADA INDEX .MSCICA 2'093.62 0 11 0.92%

BRAZIL BOVESPA INDEX .BVSP 80'963 0 34 5.97%

MEXICO BOLSA INDEX .MXX 49'912 0 20 1.08%

9 GERMANY DAX .GDAXI 13'281.43 - 14 short 08.12.2017 13'211.80 -1.4% 2.82%

9 SWITZERLAND SMI .SSMI 9'452.35 0 10 0.75%

8 U.K. FTSE 100 INDEX .FTSE 7'700.96 0 14 0.17%

SOUTH AFRICA TOP40 INDEX .JTOPI 54'010 0 21 2.81%

POLAND WIG20 INDEX .WIG20 2'591.22 0 28 5.28%

RUSSIA MICEX INDEX .MCX 2'297.47 0 36 8.90%

10 AUSTRALIA ALL ORDINARIES .AXJO 6'014.60 0 4 -0.83%

HONG KONG HANG SENG INDEX .HSI 32'121.94 0 34 6.97%

11 INDIA BOMBAY SENSEX .BSESN 35'260.29 0 24 3.52%

INDONESIA IDX COMPOSITE INDEX .JKSE 6'472.67 0 33 1.67%

MALAYSIA FTSE BURSA KLCI INDEX .KLSE 1'821.60 0 22 2.16%

PHILIPPINES PSE INDEX .PSI 8'820.74 0 18 3.01%

SINGAPORE STRAITS TIMES INDEX .STI 3'521.31 0 21 3.48%

MSCI TAIWAN INDEX .dMITW00000G 805.01 0 26 3.71%

THAILAND SET INDEX .SETI 1'819.32 0 33 3.39%

Datasource: Reuters, Datastream

MT = medium-term (3-6 moths).

Stock Market Indices, Commodities, Global Bond Markets

International Chart Outlook Page 2

GLOBAL BOND MARKETS

CGBI WORLD BONDS TOTAL RETURN INDEX + 2 10.11.2017 NA

21 US DOLLAR / SWISS FRANC CHF= 0.96 0 0 -1.91%

Datasource: Reuters, Datastream

Stock Market Indices, Commodities, Global Bond Markets

International Chart Outlook Page 3

International Chart Outlook Page 4

MSCI Emerging Stock Market Index and Emerging Countries Model

International Chart Outlook Page 5

Index Constituents Momentum Cycle Model

Theoretical momentum cycle

S&P 500 Index Constituents

Long-Term Medium-Term Short-Term

STOXX 600 Index Constituents

NIKKEI 225 Index Constituents

USA – S&P 500 Index Daily Chart

Canada – MSCI Canada Index Daily Chart

International Chart Outlook Page 7

Europe – Eurostoxx 50 Index Daily Chart

U.K. – FTSE 100 Index Daily Chart

International Chart Outlook Page 8

Germany – DAX Daily Chart

Switzerland – Swiss Market Index SMI Daily Chart