Credit Swisse 21-03-2014

21.03.
2014
Zurich/Switzerland
Investment Strategy
Timing & Sentiment Analysis
Technical Investment Weekly
International Chart Outlook

Private Banking & Wealth Management
S & P 500 Index (daily chart)
The World Stock Market Index has been tracing out a
corrective pattern since its peak on 6 March around 1690.
The correction started from where we expected, just below
the old high from November 2007. If and when the World
Index distinctively breaks this all-time high we will look for
a resumption of the long-term uptrend. However, before
such a breakout occurs we should expect the correction to
continue in a broader range. Based on the 2014-Cycle
Composite it could even last until around October. This is
also the period when our Secular Momentum should
terminate its bottoming process and signal higher equities
for 2015 and 2016. Although we find it difficult to assess
the market risk for such a correction, we continue to
144-day average
believe that it should serve as a long-term buying
opportunity.
Nevertheless, until a breakout occurs we focus on the
S & P 500 Index (hourly chart)
short-term and medium-term momentum models.
Presently, they show that the uptrend in many of the
global 40 stock markets has been losing momentum since
early this year. The S&P 500 Index, shown at right,
entered a consolidation just below the cluster of uptrend
lines around level 1880 to 1920. We will continue to track
market action below this resistance zone and the support
Short-term momentum
levels around 1825 (short term), 1790 (medium term) and
Nov Dec 2014
1740 (long term) to assess the long-term outlook. A Jul Aug Sep
renewed momentum-acceleration above the resistance
cluster cannot be ruled out. But, given the age of the
present bull cycle, it would be a rare event. For now our
tactical equity rating remains neutral.
1950
1900
1850
1800
1750
1700
1650
1600
1550
500
Mar Apr May Jun
Credit Suisse Relationship Managers and Investment Consultants who

want to add clients to the subscription list should send an E-Mail to
hotline.isr@credit-suisse.com
Rolf Bertschi, Managing Director, rolf.bertschi@credit-suisse.com

Pascal Zingg, Assistant Vice President, CFTe, CMT, pascal.zingg@credit-suisse.com
Christian Sutter, Technical Strategist, christian.sutter.2@credit-suisse.com
This material is not investment research or a research recommendation for regulatory purposes. Please find
further important information at the end of this document
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.
Page 1
21.03.2014
Zurich/Switzerland
Global Technical Research
PAGE
GLOBAL STOCK MARKET INDICES
MSCI WORLD STOCKS
MSCI EMERGING MARKETS
USA S&P 500 INDEX
CANADA COMPOSITE INDEX
RIC
CLOSE
Mt
Score
Position
Rec.Date Rec. Price
P&L
YTD Perf.
.MSCIWO
1'654.32
NA
-0.41%
.MSCIEF
940.70
-6.18%
.SPX
1'872.01
32
1.42%
.GSPTSE
14'361.83
U+
36
0.2%
5.44%
.BVSP
47'278.48
27
short
10.01.2014 49'322.00
4.1%
-8.24%
.MXX
39'616.19
21
short
21.02.2014 39'654.00
0.1%
-7.28%
.STOXX50E
3'088.90
.FCHI
4'327.91
28
0.74%
.GDAXI
9'296.12
11
-2.68%
0.72%
AMERICAN INDICES
BRAZIL BOVESPA INDEX

MEXICO BOLSA INDEX
open long 21.03.2014 14'334.00
EUROPEAN INDICES
8
EUROPE EUROSTOXX 50 INDEX

FRANCE CAC40 INDEX
-0.65%
GERMANY DAX
SWITZERLAND SMI
.SSMI
8'261.69
SWITZERLAND MIDCAP
.SMII
9'765.40
NA
SWITZERLAND SMALLCAP
.SSCC
16'178.23
NA
long
15.07.2013 13'011.23
24.2%
8.98%
U.K. FTSE 100 INDEX
.FTSE
6'542.44
short
20.12.2013
0.5%
-3.06%
3.97%
6'589.00
DENMARK OMXC20 INDEX
.OMXC20
686.72
12
11.57%
FINLAND OMXH GEN PI INDEX
.OMXHPI
7'229.28
-1.47%
NORWAY OSE ALL SHARE INDEX
.OSEAX
608.42
0.93%
SWEDEN OMXS30 INDEX
.OMXS30
1'352.47
26
1.46%
PORTUGAL PSI GENERAL
.PSI20
7'480.58
23
14.05%
ITALY MIB INDEX
.FTMIB
21'094.49
36
long
14.02.2014 20'202.00
4.2%
11.21%
.ATG
1'363.30
30
long
07.03.2014
3.4%
17.25%
SPAIN IBEX 35 INDEX
.IBEX
10'079.90
21
1.65%
RUSSIA RTS INDEX
.IRTS
1'150.82
12
-17.11%
.N225
14'462.52
-10.44%
-1.09%
GREECE ATHEX COMPOSITE
1'319.03
ASIA-PACIFIC INDICES
10
JAPAN NIKKEI 225
10
AUSTRALIA ALL ORDINARIES
.AXJO
5'294.00
CHINA SHANGHAI A SHARE
.SSEA
2'086.92
NA
-5.59%
CHINA SHANGHAI B SHARE
.SSEB
224.52
NA
-11.36%
11
CHINA SHANGHAI COMPOSITE
.SSEC
1'993.48
-5.62%
11
HONG KONG CHINA ENTERPRISES
.HSCE
9'203.07
-15.23%
.HSI
21'182.16
-9.68%
.BSESN
21'740.09
26
2.44%
INDONESIA IDX COMPOSITE INDEX
.JKSE
4'698.97
23
MALAYSIA FTSE BURSA KLCI INDEX
.KLSE
1'818.17
-2.55%
.PSI
6'417.35
19
8.33%
HONG KONG HANG SENG INDEX

INDIA BOMBAY SENSEX
PHILIPPINES PSE INDEX
long
14.03.2014
4'726.17
0.5%
10.81%
SINGAPORE STRAITS TIMES INDEX
.FTSTI
3'057.20
-3.85%
SOUTH KOREA KOSPI INDEX
.KS11
1'919.52
-4.65%
TAIWAN WEIGHTED INDEX
.TWII
8'597.33
-0.25%
19
NA
THAILAND SET INDEX
.SETI
1'361.47
VIETNAM VN INDEX
.VNI
600.26
5.38%
long
19.08.2013
511.00
17.8%
18.72%
MT = medium-term (3-6 moths).

U = upgrade; D = downgrade; + = 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.
Page 2
21.03.2014
Zurich/Switzerland
Global Technical Research
PAGE
15
COMMODITIES
CS COMMODITIES BENCHMARK INDEX
PRECIOUS METALS INDEX
RIC
CLOSE
Mt
Score
Position
Rec.Date
.CSIXTR
5'979.83
NA
.DJUBPRTR
386.58
NA
1'339.45
23
long
21.02.2014
Rec. Price
P&L
YTD Perf.
4.50%
7.81%
16
GOLD
XAU=
16
SILVER
XAG=
20.41
long
17
PLATINUM
XPT=
1'432.50
long
17
PALLADIUM
XPD=
786.00
18
long
.DJUBENTR
193.39
NA
15
0.41%
-4.10%
ENERGY INDEX
18
21.02.2014
21.58
-5.4%
5.15%
07.03.2014
1'471.70
2.7%
4.75%
07.03.2014
771.50
-1.9%
10.24%
2.80%
CLc1
98.90
BRENT CRUDE OIL
LCOc1
106.45
NGc1
4.37
3.24%
.DJUBINTR
248.59
NA
-7.25%
ALUMINIUM
CMAL3
1'712.00
-4.84%
COPPER
CMCU3
6'430.00
-12.98%
NICKEL
CMNI3
15'840.00
30
13.30%
ZINC
CMZN3
1'952.00
-5.24%
LEAD
CMPB3
2'069.00
-6.72%
TIN
CMSN3
23'000.00
22
2.65%
.DJUBAGTR
159.00
NA
14.07%
AGRICULTURAL INDEX
CORN
Cc1
478.50
27
13.39%
WHEAT
Wc1
703.75
36
16.32%
SOYBEANS
Sc1
1'433.75
33
9.24%
SUGAR
SBc1
17.05
16
COCOA
CCc1
2'974.00
30
COFFEE
KCc1
174.15
18
56.82%
COTTON
CTc1
92.18
27
8.96%
RIC
CLOSE
Mt
Score
NA
USA 7-10 YR TOTAL RETURN
.TRXAUSGOV710U
611.01
1.92%
CANADA 7-10 YR TOTAL RETURN
.TRXACNGOV710D
737.29
2.93%
3.63%
2.09%
GLOBAL BOND MARKETS

Thomson Reuters Total Return Indices
CGBI WORLD BONDS TOTAL RETURN INDEX
20
11.14%
LIGHT CRUDE OIL
NATURAL GAS
PAGE
1.8%
INDUSTRIAL METALS INDEX
18
1'316.00
4.09%
long
Position
09.09.2013
Rec.Date
2'544.00
Rec. Price
16.9%
P&L
10.07%
YTD Perf.
GERMANY 7-10 YR TOTAL RETURN
.TRXABGGOV710E
647.06
22
SWITZERLAND 7-10 YR TOTAL RETURN
.TRXASWGOV710D
324.01
23
U.K. 7-10 YR TOTAL RETURN
.TRXAUKGOV710D
723.27
24
ITALY 7-10 YR TOTAL RETURN
.TRXAITGOV710E
853.06
11
SPAIN 7-10 YR TOTAL RETURN
.TRXAESGOV710E
810.69
11
5.63%
21
JAPAN 7-10 YR TOTAL RETURN
.TRXAJPGOV710D
290.16
18
1.43%
AUSTRALIA 7-10 YR TOTAL RETURN
.TRXAAUGOV710D
940.39
1.57%
RIC
CLOSE
Mt
Score
Position
US DOLLAR INDEX
.DXY
80.14
NA
25
US DOLLAR / SWISS FRANC
CHF=
0.88
26
US DOLLAR / CANADIAN DOLLAR
CAD=
1.12
18
5.37%
27
US DOLLAR / JAPANESE YEN
JPY=
102.35
12
-2.78%
28
BRITISH POUND / US DOLLAR
GBP=
1.65
26
AUSTRALIAN DOLLAR / US DOLLAR
AUD=
0.91
U+
14
US DOLLAR / RUSSIAN ROUBLE
RUB=
36.23
12
10.29%
4.34%
PAGE
29
GLOBAL CURRENCIES
2.25%
long
21.10.2013
800.00
7.0%
4.19%
Rec.Date
Rec. Price
P&L
YTD Perf.
short
21.02.2014
80.40
0.3%
-0.09%
short
21.02.2014
0.89
0.9%
-1.05%
-0.35%
open long 21.03.2014
0.91
0.0%
1.86%
US DOLLAR / TURKISH LIRA
TRY=
2.24
16
US DOLLAR / SOUTH AFRICAN RAND
ZAR=
10.85
16
3.85%
US DOLLAR / BRAZILIAN REAL
BRL=
2.33
-1.54%
US DOLLAR / MEXICAN PESO
MXN=
13.24
16
EURO / US DOLLAR
EUR=
1.38
1.58%
long
21.02.2014
1.37
0.6%
0.36%
EURO / BRITISH POUND
EURGBP=
0.84
16
0.72%
EURO / SWISS FRANC
EURCHF=
1.22
-0.75%
EURO / JAPANESE YEN
EURJPY=
141.14
-2.43%
Page 3
21.03.2014
MSCI World Stock Market Index and Global-40 Stock Markets Model
Daily Chart
Mt 0
1700
1650
The MSCI World Index is

still lingering just above the
55-day moving average.
However, both
momentum indicators, the
short- and the mediumterm, remain falling and
signal that a correction is
still possible. Thus we
keep our rating neutral for
the moment and watch
the support levels closely.
1600
1550
1500
1450
1400
1350
1300
1250
1200
1150
The Global Stock Markets

Model below shows a
medium-term score of
50.8% which also favors a
neutral outlook.
Resistances:
- 1665
- 1685/1690
- 1725
Supports:
- 1634
- 1585
- 1560
600
500
400
300
200
100
0
-100
-200
-300
-400
-500
-600
-700
-800
Short-term momentum (ST MOM)
Medium-term momentum (MT MOM)
2012 M A M J J A S O N D 2013 M A M J J A S O N D 2014 M A M J J
GREEN = The Stock Market is rising. RED = The Stock Market is declining.
TOTAL
SCORE
18
18
18
18
15
14
13
12
11
11
11
11
11
10
9
8
8
8
7
7
6
6
6
5
4
4
3
3
2
2
2
1
1
0
0
0
0
0
0
0
*
*
*
*
*
*
*
*
*
*
*
*
STOCK
MODEL
MODEL
MARKETS
TREND
RELATIVE PERF
ARGENTINA
CANADA
CZECH REP
ITALY
TURKEY
USA
BRAZIL
NEW ZEALAND
FRANCE
INDIA
INDONESIA
MEXICO
PORTUGAL
THAILAND
SOUTH AFRICA
BELGIUM
PHILIPPINE
SWEDEN
ROMANIA
SPAIN
HUNGARY
RUSSIA
TAIWAN
DENMARK
GERMANY
SWITZERLAND
AUSTRIA
GREECE
AUSTRALIA
KOREA
POLAND
FINLAND
NETHERLAND
CHINA
HONG KONG
JAPAN
MALAYSIA
NORWAY
SINGAPORE
UK
UP
UP
UP
UP
UP
UP
UP
UP
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
OUTPERFORM
OUTPERFORM
OUTPERFORM
OUTPERFORM
OUTPERFORM
OUTPERFORM
OUTPERFORM
OUTPERFORM
OUTPERFORM
OUTPERFORM
OUTPERFORM
neutral
OUTPERFORM
neutral
OUTPERFORM
underperform
neutral
OUTPERFORM
neutral
OUTPERFORM
underperform
underperform
underperform
neutral
neutral
underperform
underperform
neutral
underperform
underperform
underperform
underperform
neutral
underperform
underperform
underperform
neutral
neutral
underperform
underperform
8
20
12
40
15
15
10
40
39.3%
ST
3
3
3
3
3
2
3
1
1
1
1
3
1
1
0
0
0
0
2
0
2
2
0
0
1
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
MT
SHORT-TERM
SCORE ST MOM
1
1
1
1
1
0
1
0
0
0
0
1
0
0
0
0
0
0
1
0
1
1
0
0
1
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
13D AVG 21D AVG

1
1
1
1
1
1
1
0
1
0
0
1
0
0
0
0
0
0
1
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30.8% (0% max bearish, 100% max bullish.)

UP
DOWN
FLAT
12
28
40
30%
70%
100%
12
28
40
30%
70%
100%
13
27
40
33%
68%
100%
3
3
3
3
3
3
2
3
3
3
3
1
3
3
3
3
3
3
0
2
0
0
2
1
0
1
0
1
1
1
1
0
0
0
0
0
0
0
0
0
LT
MEDIUM TERM
SCORE MT MOM
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
0
1
0
0
0
0
0
1
0
1
1
1
1
0
0
0
0
0
0
0
0
0
34D AVG 55D AVG

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
0
1
1
1
1
0
1
1
1
1
1
1
0
0
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

23
17
40
58%
43%
100%
20
20
40
50%
50%
100%
18
22
40
45%
55%
100%
LONG-TERM
SCORE LT MOM
3
3
3
3
0
2
0
3
2
2
2
0
2
1
3
2
2
2
1
3
0
0
2
3
1
2
0
1
0
0
0
1
1
0
0
0
0
0
0
0
1
1
1
1
0
0
0
1
0
0
0
0
0
0
1
0
0
0
0
1
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
89D AVG 144D AVG

1
1
1
1
0
1
0
1
1
1
1
0
1
1
1
1
1
1
0
1
0
0
1
1
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
0
1
0
1
1
1
1
0
1
0
1
1
1
1
1
1
0
0
1
1
1
1
0
1
0
0
0
1
1
0
0
0
0
0
0
0

8
32
40
20%
80%
100%
19
21
40
48%
53%
100%
23
17
40
58%
43%
100%
Page 4
21.03.2014
MSCI Emerging Stock Market Index and Emerging Countries Model

.
Daily Chart
Mt 0
The Emerging Markets
index remains below the
average over the last 55days but is still above the
lows from February. As
long as there is no
breakout, we reiterate our
neutral outlook.
1050
1000
950
In the Emerging Countries

Model we see, that 60%
of the covered markets
have a falling mediumterm momentum. This
signals that investors still
should be cautious.
900
500
Resistances:
- 950/955
- 980
- 1000/1005
Supports:
- 920/915
- 900
- 880
0
-500
-1000
GREEN = The Stock Market is rising. RED = The Stock Market is declining.
TOTAL
SCORE
18
18
18
16
15
15
15
13
13
13
13
12
12
11
9
7
7
7
6
6
6
6
5
3
3
3
3
3
2
1
1
1
0
0
0
SHORT-TERM
ST
TREND
SCORE
MOM
13D
21D
SCORE
MOM
34D
55D
SCORE
MOM
89D
144D
ARGENTINA
CZECH REP.
EGYPT
JORDAN
MOROCCO
NAMIBIA
TURKEY
BRAZIL
COLOMBIA
KENYA
SLOVENIA
SLOVAKIA
UKRAINE
MEXICO
LEBANON
CHILE
ROMANIA
TUNISIA
HUNGARY
PAKISTAN
QATAR
RUSSIA
BULGARIA
CROATIA
ECUADOR
LITHUANIA
MALTA
VENEZUELA
POLAND
OMAN
PERU
SRI LANKA
ESTONIA
LATVIA
NIGERIA
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
FLAT
FLAT
FLAT
FLAT
FLAT
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
3
3
3
3
2
3
3
3
2
2
3
1
1
3
0
0
2
0
2
1
1
2
0
1
0
1
1
1
0
0
0
0
0
0
0
1
1
1
1
0
1
1
1
0
0
1
0
0
1
0
0
1
0
1
0
1
1
0
1
0
1
1
1
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
0
0
1
0
0
1
0
1
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
3
3
2
3
2
3
2
3
3
1
3
3
1
3
3
0
2
0
1
0
0
1
0
0
0
0
0
1
0
0
0
0
0
0
1
1
1
0
1
0
1
1
1
1
0
1
1
0
1
1
0
1
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
0
1
1
0
1
1
0
1
1
0
1
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
3
3
3
3
3
2
0
0
1
1
2
3
3
0
3
1
1
3
0
1
3
0
3
0
3
0
0
0
0
1
1
1
0
0
0
1
1
1
1
1
0
0
0
0
0
0
1
1
0
1
0
0
1
0
0
1
0
1
0
1
0
0
0
0
0
1
0
0
0
0
1
1
1
1
1
1
0
0
1
0
1
1
1
0
1
1
0
1
0
0
1
0
1
0
1
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
0
0
0
1
1
1
1
0
1
0
1
1
0
1
1
0
1
0
1
0
0
0
0
1
0
1
0
0
0
17
18
35
49%
51%
100%
15
20
35
43%
57%
100%
15
20
35
43%
57%
100%
14
21
35
40%
60%
100%
17
18
35
49%
51%
100%
15
20
35
43%
57%
100%
13
22
35
37%
63%
100%
16
19
35
46%
54%
100%
19
16
35
54%
46%
100%
44.6%
*
*
*
*
*
*
44.8%
UP
DOWN
FLAT
13
17
5
35
LT
LONG TERM
MODEL
COUNTRIES
MT
MEDIUM TERM
EMERGING
43.8%
45.7%
Page 5
21.03.2014
Index Constituents Momentum Cylce 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
Down quadrant: Momentum is above the zero line and falling
Zero line
Up quadrant: Momentum is below the zero line and rising
Terminating quadrant: Momentum is below the zero line and falling
S&P 500 Index Constituents
STOXX 600 Index Constituents
NIKKEI 225 Index Constituents
1325 Stocks from S&P 500, STOXX 600 and NIKKEI 225
Page 6
21.03.2014
USA S&P 500 Index
Daily Chart
Mt 0
1900
1850
1800
The S&P 500 is still in its

consolidation range
between the 55-day
moving average and the
previous highs. Both, the
short- and the mediumterm momentum remain
falling and do not favor any
further strength at the
moment.
1750
1700
1650
1600
1550
1500
1450
1400
1350
1300
1250
Resistances:
- 1875/1883
- 1925
- 1950
Supports:
- 1830/1825
- 1815
- 1790
500
400
300
200
100
0
-100
-200
-300
-400
S O N D 2013 M A
M J
S O N D 2014 M A
M J
Canada TSE Composite Index
J
Daily Chart
Mt U +
14500
The TSE Composite Index

is currently close to a
breakout from its
consolidation range. Given
the unfolding bottom in the
short-term momentum, we
expect further strength.
This would also be
supported by the still rising
medium-term momentum.
Thus we upgrade our
medium-term outlook to
positive.
14000
13500
13000
12500
12000
11500
11000
500
400
300
200
100
0
-100
-200
-300
-400
-500
Resistances:
- 14490
- 14675
- 15000
Supports:
- 14170
- 14000
- 13800
A S O N D 2013 M A
M J
A S O N D 2014 M A M J
Page 7
21.03.2014
Europe Eurostoxx 50 Index
Daily Chart
Mt 0
3200
3100
The Eurostoxx 50 Index is

again challenging the 55day moving average at
3100. The short-term
momentum started a new
bottoming process but the
medium-term momentum
remains falling. As long as
the momentum picture is
conflicting, and the Index
remains in its consolidation
range, we keep our
outlook unchanged.
3000
2900
2800
2700
2600
2500
2400
2300
2200
2100
2000
1000
500
Resistances:
- 3160/3170
- 3275
- 3330
Supports:
- 2950
- 2915
- 2855
-500
U.K. FTSE 100 Index
Daily Chart
Mt -
6900
6800
6700
6600
6500
6400
6300
6200
6100
6000
5900
5800
5700
5600
5500
5400
5300
5200
The FTSE 100 Index is

currently testing the
support line from the
triangle. Given the weak
momentum picture, a
breakout is likely. Thus we
reiterate our negative
outlook.
500
Resistances:
- 6650
- 6770
- 6870
Supports:
- 6420
- 6330
- 6225
-500

Page 8
21.03.2014
Germany DAX
Daily Chart
10000
Mt 0
9500
The Dax managed to hold

above the key support level
at 9000 and started a
short-term countermove.
However, the mediumterm technicals are still
weak and indicate, that the
downside risks are not over
yet.
9000
8500
8000
7500
7000
6500
6000
Resistances:
- 9400
- 9700/9800
- 10000
Supports:
- 9000
- 8800
- 8450
500
-500
S O N D 2013 M A M J J
Switzerland Swiss Market Index SMI
J
Daily Chart
Mt 0
The Swiss Market Index
managed to hold above the
200-day moving average
and is now heading toward
the 55-day average. But
given the flat medium-term
momentum, we expect an
ongoing consolidation and
reiterate our neutral rating.
8500
High from July 1998
8000
7500
7000
6500
6000
5500
500
Resistances:
- 8290
- 8380
- 8489
Supports:
- 8080
- 7800/7750
- 7500
-500

Page 9
21.03.2014
Japan Nikkei 225 Index
Daily Chart
Mt 0
16000
The Nikkei 225 Index

failed to re-cross the 200day moving average and is
now testing the trend line
support established in
June 2013. The
momentum indicators are
still declining and warn of
further downside risks. We
keep our rating on neutral
for now but watch the key
level at 13900 closely.
15000
14000
13000
12000
11000
10000
9000
8000
1000
500
Resistances:
- 14700
- 15250
- 15800
Supports:
- 14000/13900
- 13200
- 12500
0
-500
-1000
Australia ASX 200 Index

Mt 0
Daily Chart
5500
61.8 % Fibonacci retracement form 2007-2009 decline
The ASX 200 remains in

its large consolidation
range between 5460 and
5050. As long as there is
no breakout, we reiterate
our neutral medium-term
outlook.
5000
4500
4000
500
Resistances:
- 5380
- 5455/5465
- 5540
Supports:
- 5250
- 5150
- 5050
-500

Page 10
21.03.2014
China HSCE Index
Daily Chart
Mt 0
12500
12000
The HSCE Index could

start a short-term
countermove given the
oversold short-term
momentum indicator.
However, the mediumterm technicals still favor a
neutral outlook for the
moment.
0.0%
11500
23.6%
11000
38.2%
10500
50.0%
10000
61.8%
9500
9000
100.0%
8500
1000
500
Resistances:
- 9500
- 10000/101000
- 10300
Supports:
- 9000
- 8650
- 8000
0
-500
-1000
China SSEC Composite Index
Daily Chart
Mt 0
2500
2450
2400
2350
2300
The SSEC Index started a

countermove from the
support level at 1990.
However, the medium-term
picture remains neutral as
long as there is no clear
breakout from the large
consolidation triangle.
2250
2200
2150
2100
2050
2000
1950
1900
1850
1000
500
Resistances:
- 2080
- 2130
- 2260
Supports:
- 1990
- 1950
- 1850
0
-500
-1000
2012M A M J J A S O N D 2013
A M J J A S O N D 2014M A M J J
Page 11
21.03.2014
MSCI UAE Index
Daily Chart
500
The MSCI UAE Index

tested the 55-day moving
average during the
consolidation successfully.
With the current short-term
momentum bottom, the
index reached new highs
and signals that the larger
uptrend is resuming.
450
400
350
300
250
200
150
1000
500
Resistances:
- 495
- 550
- 605
Supports:
- 435
- 405
- 365
0
-500
-1000
Saudi Arabia Tadawul Index
Daily Chart
9500
The Tadawul Index could

take a brief breather given
the unfolding top in the
short-term momentum.
However, the overall
picture remains intact and
the larger uptrend is not
endangered.
9000
8500
8000
7500
7000
6500
6000
1000
500
Resistances:
- 9500
- 9800
- 10300
Supports:
- 9000
- 8800
- 8400
-500
2012 M A M J J A S O N D 2013 M A M J J
A S O N D 2014 M A M J J
Page 12
21.03.2014
MSCI Global-31 Stock Market SECTORS

Relative to
MSCI World
SECTOR
RIC
CLOSE
Mt
Score
SEMICONDUCTOR & EQUIPMENT
OVERWEIGHT
.dMIWO0SE00PUS
152.28
U+
36
HEALTH CARE EQUIPMENT & SERVICES
OVERWEIGHT
.dMIWO0HS00PUS
270.10
33
UTILITIES
OVERWEIGHT
.dMIWO0UL00PUS
116.32
32
DIVERSIFIED TELECOM
OVERWEIGHT
.dMIWO0DT00PUS
58.38
U+
30
NEUTRAL
.dMIWO0EG00PUS
270.97
27
25
ENERGY
Position
Rec.Date
Rec. Price
P&L
YTD Perf.
154.77
0.0%
3.64%
long
17.06.2013
231.10
16.9%
5.33%
long
21.02.2014
115.03
0.6%
7.52%
58.78
0.0%
-0.58%
-0.39%
CHEMICALS
OVERWEIGHT
.dMIWO0CH00PUS
279.36
long
07.03.2014
285.43
-2.6%
2.16%
CONSTRUCTION MATERIALS
OVERWEIGHT
.dMIWO0CU00PUS
193.59
25
long
14.02.2014
187.80
2.2%
9.36%
PHARMACEUTICALS
OVERWEIGHT
.dMIWO0PH00PUS
137.87
25
long
21.02.2014
137.39
-0.2%
7.15%
GOLD STOCKS
OVERWEIGHT
.XAU
98.55
24
long
21.02.2014
103.38
-4.9%
16.37%
NEUTRAL
.dMIWO0BK00PUS
93.12
18
1.13%
UNDERWEIGHT
.dMIWO0TO00PUS
298.93
18
-2.66%
NEUTRAL
.dMIWO0FD00PUS
107.80
16
-0.32%
BANKS
TOBACCO
FOOD, STAPLES & RETAIL
NEUTRAL
.dMIWO0HO00PUS
247.44
16
OVERWEIGHT
.dMIWO0BT00PUS
825.51
15
NEUTRAL
.dMIWO0TH00PUS
115.86
15
HOTELS, RESTAURANTS
BIOTECHNOLOGY
HARDWARE & EQUIPMENT
DIVERSIFIED FINANCIALS
MEDIA
UNDERWEIGHT
.dMIWO0DF00PUS
112.11
14
OVERWEIGHT
.dMIWO0MD00PUS
151.23
0.87%
long
08.07.2013
604.25
35.6%
8.33%
0.07%
-1.64%
long
10.12.2012
104.83
44.1%
-0.80%
FOOD PRODUCTS
NEUTRAL
.dMIWO0FP00PUS
210.26
TRANSPORTATION
NEUTRAL
.dMIWO0TP00PUS
221.55
0.70%
BEVERAGES
UNDERWEIGHT
.dMIWO0BE00PUS
195.32
-2.76%
INSURANCE
UNDERWEIGHT
.dMIWO0IS00PUS
92.95
OVERWEIGHT
.dMIWO0MM00PUS
281.12
WIRELESS & TELECOM
NEUTRAL
.dMIWO0WT00PUS
123.89
-4.67%
CAPITAL GOODS
NEUTRAL
.dMIWO0CG00PUS
205.15
-1.28%
COMMERCIAL & PROFESSIONAL SERVICES
UNDERWEIGHT
.dMIWO0CM00PUS
131.80
-1.61%
HOUSHOLD & PERSONAL PRODUCTS
METALS & MINERALS
1.94%
-2.22%
long
21.02.2014
305.77
-8.9%
-3.43%
UNDERWEIGHT
.dMIWO0HP00PUS
204.26
-1.75%
AUTO & COMPONENTS
NEUTRAL
.dMIWO0AC00PUS
169.53
-1.60%
CONSUMER DURABLES
UNDERWEIGHT
.dMIWO0CA00PUS
161.28
-2.65%
113.39
-3.47%
PAPER & FORREST
UNDERWEIGHT
.dMIWO0PF00PUS
MSCI World Semiconductor & Equipment
Daily Chart
155
The MSCI Semiconductors

& Equipment Index
surpassed the resistance
at 152 and the larger
uptrend is now resuming.
Furthermore, the
momentum indicators
turned positive again and
favor further strength.
150
145
140
135
130
125
120
115
110
105
100
Resistances:
- 160
- 180
- 200
Supports:
- 152
- 147
- 138
500
-500
2012
M A
M J
S O
N D 2013
M A
N D 2014
M A
M J
Page 13
21.03.2014
MSCI World Diversified Telecommunication & Services
Daily Chart
The MSCI World

Diversified
Telecommunication &
Services Index is currently
challenging the trendline
resistance established in
December 2013. Given
the promising chart- and
momentum-picture, we
expect further strength and
upgrade our outlook to
positive and overweight.
61
60
59
58
57
56
55
54
53
52
51
50
49
48
47
700
600
500
400
300
200
100
0
-100
-200
-300
-400
-500
-600
Resistances:
- 59.5
- 61
- 63
Supports:
- 57.5
- 56/55.5
- 52
S O N D 2013 M A
M J J
A S O N D 2014 M A
M J
MSCI World Health Care Equipment & Services
J
Daily Chart
The MSCI World Health

Care Equipment & Services
Index remains in its solid
uptrend. Both, the shortand the medium-term
momentum are close to a
new bottoming process
which should strengthen the
overall uptrend.
270
260
250
240
230
220
210
200
190
180
170
500
400
300
200
100
0
-100
-200
-300
-400
-500
Resistances:
- 281
- 292
- 310
Supports:
- 255
- 246
- 233

Page 14
21.03.2014
CS Commodities Benchmark Total Return Index

Daily Chart
Mt 0
6400
6300
6200
6100
Currently hovering near the

key resistances at
6050/6100 but the shortterm momentum indicates
a brief consolidation. For
now, we reiterate our
overall neutral view for the
Commodity Index.
6000
5900
5800
5700
5600
5500
5400
5300
5200
5100
500
Resistances:
- 6050/6100
- 6200
- 6300/6350
Supports:
- 5980
- 5870
- 5780
-500
GREEN = The Commodity is rising. RED = The Commodity is declining.

COMMODITY
PRICES
MODEL
ST
SCORE
POS
SCORE
ST MOM
18
18
17
15
15
15
15
15
14
12
12
12
12
11
9
9
9
9
9
9
9
9
9
7
6
5
4
3
3
3
3
3
1
1
0
0
0
0
0
0
CBT-WHEAT CONT.
SOYABEAN MEAL
ROUGH RICE
LEAN HOGS
LIVE CATTLE
NICKEL
PORK BELLIES
SOYABEANS
WSTERN LUMBER
COCOA
CORN
COTTON
FEEDER CATTLE
PALLADIUM
COFFEE 'C'
GASOLINE
GOLD
LIGHT CRUDE OIL
ORANGE JUICE
ROBUSTA COFFEE
SOYABEAN OIL
SUGAR #11
TIN
PLATINUM
WHITE SUGAR
NATURAL GAS
SILVER
BRENT CRUDE OIL
GAS OIL
HEATING OIL
LEAD
OATS
YELLOW MAIZ
ZINC
ALLOY STEEL
ALUMINIUM
HG COPPER
LUMBER FUTURE
SCRAP STEEL
SUNFLOWER SEED
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
3
3
3
2
2
2
2
2
3
1
1
2
1
1
0
0
0
1
1
0
0
0
0
0
0
1
0
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
0
0
0
0
0
1
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
1
0
1
1
1
1
0
0
0
0
0
0
0
0
0
TOTAL
44.6%
UP
DOWN
FLAT
13
16
11
40
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
29.2%
SHORT-TERM
MT
13D AVG 21D AVG

1
1
1
1
1
1
1
1
1
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(0% max bearish, 100% max bullish.)
10
30
40
25%
75%
10
30
40
25%
75%
15
25
40
38%
63%
MEDIUM TERM
SCORE
MT MOM
3
3
3
3
3
3
3
3
2
3
3
2
3
3
3
3
3
2
2
3
3
3
3
2
2
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
0
1
1
1
1
1
1
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
58.3%
LT
34D AVG 55D AVG

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
24
16
40
60%
40%
22
18
40
55%
45%
24
16
40
60%
40%
LONG-TERM
SCORE
LT MOM
3
3
2
3
3
3
3
3
1
3
3
2
3
2
3
3
3
2
2
3
3
3
3
3
2
2
2
0
0
0
0
3
1
1
0
0
0
0
0
0
1
1
0
1
1
1
1
1
0
1
1
0
1
0
1
1
1
0
0
1
1
1
1
1
1
1
1
0
0
0
0
1
1
1
0
0
0
0
0
0
63.3%
89D AVG 144D AVG

1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
0
0
0
1
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
0
0
0
0
1
0
0
0
0
0
0
0
0
24
16
40
60%
40%
26
14
40
65%
35%
26
14
40
65%
35%
Page 15
21.03.2014
Gold spot price
Daily Chart
Mt +
1800
1750
Gold entered a short-term

correction which is in line
with the falling short-term
momentum. However, the
medium-term technicals
are still intact and favor
further strength thereafter.
1700
1650
1600
1550
1500
1450
1400
1350
1300
1250
1200
1150
500
Resistances:
- 1440
- 1490
- 1560
Supports:
- 1320
- 1290
- 1270
Silver spot price
0
-500
-1000

Daily Chart
Mt +
38
37
36
35
34
33
32
31
30
29
28
27
26
25
24
23
22
21
20
19
18
17
Silver is currently re-testing

the 55-day moving
average. Given the already
bottoming short-term
momentum, we expect
silver to hold above it.
Furthermore, the mediumterm momentum remains
rising and indicates that
the turnaround should
continue.
2000
1500
Resistances:
- 21
- 22
- 22.8
Supports:
- 20
- 19
- 18
1000
500
0
-500
-1000
-1500

Page 16
21.03.2014
Platinum spot Price
Daily Chart
Mt +
1750
1700
Platinum entered a shortterm correction and is

currently testing the 55day moving average.
However, given the intact
medium-term technicals,
we expect that a mediumterm uptrend should
further develope.
1650
1600
1550
1500
1450
1400
1350
1300
1000
Resistances:
- 1485
- 1520
- 1555
Supports:
- 1420
- 1360
- 1310
500
0
-500
-1000
Palladium spot price
Daily Chart
800
Mt +
Palladium consolidated the
recent breakout, but is
now already above the
highs from early March.
The overall technical
picture still favors further
strength and thus, we
reiterate our positive
medium-term outlook.
750
700
650
600
550
1000
500
Resistances:
- 795
- 820
- 850/860
Supports:
- 765
- 745
- 725/720
0
-500
-1000
-1500
Page 17
21.03.2014
Crude Oil (WTI) continuous Future
Daily Chart
Mt 0
110
Momentum indicators are

conflicting and the overall
chart-pattern remains
neutral. We reiterate our
neutral view.
105
100
95
90
85
80
75
1000
Resistances:
- 105
- 108
- 112
Supports:
- 97.50
- 96.50
- 91
500
0
-500
-1000
Copper continuous Future
Daily Chart
Mt 0
The technical picture in
copper has clearly
deteriorated. However, the
current situation does not
offer a good risk/reward
ratio for a new trading
position. Both momentum
indicators are in a
downtrend.
8000
7500
7000
6500
Resistances:
- 6600
- 6900
- 7500
Supports:
- 6300
- 6000
- 5600
-500
-1000
2013 Feb Mar Apr May Jun Jul
Aug Sep Oct
Nov Dec 2014 Feb Mar Apr
May Jun Jul
Page 18
21.03.2014
US 10-year T-Notes Yield Index and the Global-35 Interest Rates Model
Managed to halt above the
200-day average.
However, the momentum
picture remains weak but
only a break below the
medium-term key support
at around 2.5/2.45 would
endanger the overall
neutral view.
Daily Chart (Yield Index = Yield x 10)
31
30
29
28
27
26
25
24
23
22
21
20
19
18
17
16
15
14
13
2000
Short-term momentum
1500
1000
Resistances:
- 2.8
- 2.92
- 3.05
Supports:
- 2.6
- 2.5/2.45
- 2.3
500
0
-500
-1000
Medium-term momentum
GREEN=Yield is rising, Bond Price declining. RED=Yield is declining, Bond Price is rising.
TOTAL PREV SWAP RATE
00.01.1900
SCORE DAY
18
18
18
18
18
16
16
16
15
15
15
14
14
13
13
13
12
11
11
11
11
11
11
11
11
11
11
9
9
4
3
0
0
0
0
DOWN
DOWN
UP
UP
UP
DOWN
UP
FLAT
DOWN
DOWN
FLAT
DOWN
DOWN
DOWN
DOWN
FLAT
FLAT
DOWN
DOWN
DOWN
DOWN
UP
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
FLAT
FLAT
FLAT
FLAT
UP
FLAT
AUSTRALIA 2 YR
GERMANY 2 YR
NORWAY 2 YR
SWEDEN 2 YR
US 2 YR
NORWAY 10 YR
N. ZEALAND 2 YR
UK 2 YR
UK 10 YR
US 10 YR
CZECH REP 2Y
UK 20 YR
S. AFRICA 10 YR
UK 30 YR
SWITZERL. 2 YR
S. AFRICA 2 YR
CZECH REP 10Y
CANADA 10 YR
GERMANY 10 YR
GERMANY 20 YR
GERMANY 30 YR
N. ZEALAND 10 YR
SWITZERL.10 YR
SWITZERL. 20 YR
SWITZERL. 30 YR
US 20 YR
US 30 YR
AUSTRALIA 10 YR
SWEDEN 10 YR
CANADA 2 YR
JAPAN 2 YR
JAPAN 10 YR
JAPAN 20 YR
JAPAN 30 YR
S. AFRICA 20 YR
2.93
0.52
1.97
1.97
0.55
3.23
4.02
1.03
2.84
2.87
0.61
3.29
8.61
3.33
0.11
7.12
1.90
2.88
1.88
2.49
2.54
5.07
1.35
1.87
1.91
3.51
3.63
4.47
2.56
-0.15
0.19
0.78
1.56
1.79
1.56
MODEL
POS
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
63.0%
YIELDS
UP
YIELDS DOWN
YIELDS
FLAT
17
6
12
35
ST
SHORT-TERM
SCORE ST MOM
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
3
3
3
3
3
3
3
3
3
3
2
3
3
3
2
2
3
3
3
3
3
3
3
3
3
3
3
3
3
1
1
0
0
0
0
81.9%
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
MT
13D AVG 21D AVG

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
0
0
0
(0% bearish, 100% bullish.)
29
6
35
83%
17%
100%
29
6
35
83%
17%
100%
3
3
3
3
3
3
2
2
2
2
3
2
1
2
3
2
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
47.6%
28
7
35
80%
20%
100%
MEDIUM TERM
SCORE MT MOM
1
1
1
1
1
1
0
0
0
0
1
0
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
LT
34D AVG 55D AVG

1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
0
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
3
3
3
3
1
3
3
2
2
3
1
3
0
1
3
1
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
9
26
35
26%
74%
100%
25
10
35
71%
29%
100%
37.1%
16
19
35
46%
54%
100%
LONG-TERM
SCORE LT MOM
1
1
1
1
1
0
1
1
0
0
1
0
1
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
89D AVG 144D AVG

1
1
1
1
1
1
1
1
1
1
1
0
1
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
1
1
1
1
1
1
1
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12
23
35
34%
66%
100%
14
21
35
40%
60%
100%
13
22
35
37%
63%
100%
Page 19
21.03.2014
US 10-year Yield Index (Yield x 10)

The momentum picture for
the medium-term time
horizon remains weak.
Ongoing consolidation
expected.
Daily Chart
31
30
29
28
27
26
25
24
23
22
21
20
19
18
17
16
15
14
13
0.0%
23.6%
38.2%
50.0%
61.8%
100.0%
2000
1500
Resistances:
- 2.8
- 2.92
- 3.05
Supports:
- 2.6
- 2.5/2.45
- 2.3
1000
500
0
-500
-1000
2012 M A M J
J A
US Total Return 7-10 year Government Bond Index
Daily Chart
650
645
640
635
630
625
620
615
610
605
600
595
590
585
580
575
570
565
Mt 0
The chart and momentum
picture remains conflicting.
We reiterate our overall
neutral view.
250
200
150
100
50
0
-50
-100
-150
-200
-250
-300
Resistances:
- 620
- 625
- 634
Supports:
- 610
- 606
- 598
2012 M A M J J
Page 20
21.03.2014
Japanese Government Bond Yield
Daily Chart
1.10
1.05
1.00
0.95
0.90
0.85
0.80
0.75
0.70
0.65
0.60
0.55
0.50
0.45
0.40
0.35
Japanese Yields are likely

to consolidate. Momentum
indicators are conflicting.
5000
4000
Resistances:
- 0.64
- 0.69
- 0.73
Supports:
- 0.6
- 0.57
- 0.5
3000
2000
1000
0
-1000
-2000
2012 M A M J J
Japanese Total Return 7-10 year Government Bond Index
Daily Chart
Mt 0
290
The Japanese Total Return

is likely to enter a
consolidation as indicated
by the falling short-term
momentum. We reiterate
our neutral stance.
285
280
275
100
50
Resistances:
- 290
- 293
- 295
Supports:
- 288
- 286
- 285
0
-50
-100
-150
-200
-250
2012 M A M J J
Page 21
21.03.2014
Swiss Government Bond Yield

In consolidation close to
the 38.2% Retracement.
Momentum picture is
conflicting and indicates
that the consolidation could
last longer.
Daily Chart
1.35
1.30
1.25
1.20
1.15
1.10
1.05
1.00
0.95
0.90
0.85
0.80
0.75
0.70
0.65
0.60
0.55
0.50
0.45
0.40
0.35
0.30
0.0%
23.6%
38.2%
50.0%
61.8%
100.0%
Resistances:
- 1.03
- 1.12
- 1.22
Supports:
- 0.91
- 0.86
- 0.8
3500
3000
2500
2000
1500
1000
500
0
-500
-1000
-1500
-2000
2012 M A M J J
Swiss Total Return 7-10 year Government Bond Index
Daily Chart
330
Mt 0
Momentum indicators are
conflicting. We reiterate
our overall neutral view.
325
320
315
150
100
Resistances:
- 325
- 327
- 329.5
Supports:
- 323
- 321.5
- 319.5
50
0
-50
-100
-150
2012 M A M J
Page 22
21.03.2014
U.K. Government Bond Yield
Daily Chart
3.2
3.1
3.0
2.9
2.8
2.7
2.6
2.5
2.4
2.3
2.2
2.1
2.0
1.9
1.8
1.7
1.6
1.5
Consolidation continues in
line with a still conflicting
momentum picture.
1500
Resistances:
- 2.86
- 3.0
- 3.13
Supports:
- 2.7
- 2.55
- 2.38
1000
500
0
-500
-1000
2012 M A M J J
U.K. Total Return 7-10 year Government Bond Index
Daily Chart
765
Mt 0
760
755
Failed to reach the

resistance at 730 so far.
The short-term momentum
turned to the downside
and signals that the
consolidation is likely to
continue.
750
745
740
735
730
725
720
715
710
705
700
695
250
200
150
100
50
0
-50
-100
-150
-200
-250
Resistances:
- 730
- 737
- 745
Supports:
- 720
- 714
- 705
2012 M A M J
S O
N D 2013 M A M J J
A S O N D 2014 M A
M J
Page 23
21.03.2014
Italian Government Bond Yield
Daily Chart
7.0
6.5
Further weakness is
expected.
6.0
5.5
5.0
4.5
4.0
3.5
1000
500
Resistances:
- 3.68
- 3.8
- 3.95/3.97
Supports:
- 3.35
- 3.29
- 3.15
0
-500
-1000
-1500
2012 M A M J J
Italian Total Return 7-10 year Government Bond Index
Daily Chart
Mt +
850
Given the still rising

medium-term momentum,
we reiterate our mediumterm positive view on the
Italian Total Return.
800
750
700
650
600
700
600
500
400
300
200
100
0
-100
-200
-300
-400
Resistances:
- 870
- 878
- 895
Supports:
- 828
- 815
- 795
2012 M A M J J
Page 24
21.03.2014
US Dollar/Swiss Franc and the Global-38 US Dollar Model
Daily Chart
Mt -
1.00
0.99
0.98
0.97
0.96
0.95
0.94
0.93
The USD/CHF started a

short-term countermove
which is in line with the
bottoming short-term
momentum. However,
medium-term technicals
still favor further weakness
thereafter.
0.92
0.91
0.90
0.89
0.88
0.87
400
300
200
Resistances:
- 0.89
- 0.90
- 0.915
Supports:
- 0.87
- 0.85
- 0.835
100
0
-100
-200
-300
-400
-500
GREEN = USD is rising / Currency is declining. RED = USD is declining / Currency is rising
TOTAL
SCORE
DAY
18
18
18
18
17
16
16
16
16
16
16
16
15
15
14
13
13
12
12
11
11
11
11
11
11
11
11
10
9
8
7
7
6
6
5
4
3
3
DOWN
UP
FLAT
UP
UP
FLAT
DOWN
UP
DOWN
DOWN
FLAT
UP
FLAT
UP
DOWN
DOWN
FLAT
DOWN
UP
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
UP
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
FLAT
DOWN
UP
DOWN
DAY
US DOLLAR
IN 38 CURRENCIES
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
/ CANADIAN DOLLAR
/ CHINESE YUAN
/ HUNGARY FORINT
/ TAIWANESE DOLLAR
/ SOUTH KOREAN WON
/ ARGENTINIAN PESO
/ MEXICAN PESO
/ PERUVIAN SOL
/ PHILIPPINE PESO
/ SINGAPORE DOLLAR
/ SOUTH AFRICAN RAND
/ TURKISH LIRA
/ BRITISH POUND
/ HONG KONG DOLLAR
/ MALAYSIAN RINGGIT
/ NORWEGIAN KRONE
/ POLISH ZLOTY
/ JAPANESE YEN
/ RUSSIAN ROUBLE
/ BULGARIAN LEVI
/ CROATIAN KUNA
/ CZECH KORUNA
/ DANISH KRONE
/ ESTONIAN KROON
/ EURO
/ LATVIAN LAT
/ LITHUANIAN LITA
/ CHILEAN PESO
/ SWISS FRANC
/ THAI BAHT
/ INDONESIAN RUPIAH
/ ROMANIAN LEU
/ INDIAN RUPEE
/ SWEDISH KRONA
/ BRAZILIAN REAL
/ AUSTRALIAN DOLLAR
/ COLUMBIAN PESO
/ N. ZEALAND DOLLAR
ST
TOTAL
SCORE
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
65.9%
SHORT-TERM
SCORE ST MOM
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
3
3
3
3
3
3
3
3
3
3
3
3
3
2
3
3
3
3
1
3
3
3
3
3
3
3
3
1
3
2
2
2
2
2
1
1
0
1
MT
13D AVG 21D AVG
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
0
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
0
1
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
33
5
38
87%
13%
100%
33
5
38
87%
13%
100%
29
9
38
76%
24%
100%
83.3%
UP
DOWN
FLAT
19
6
13
38
MEDIUM-TERM
SCORE MT MOM
3
3
3
3
3
2
2
2
2
2
2
2
3
3
1
1
2
1
3
1
1
0
1
1
1
1
1
2
0
0
0
0
0
0
0
0
0
0
LT
34D AVG 55D AVG
1
1
1
1
1
0
0
0
0
0
0
0
1
1
0
0
1
0
1
1
1
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
1
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
16
22
38
42%
58%
100%
20
18
38
53%
47%
100%
16
22
38
42%
58%
100%
45.6%
LONG-TERM
SCORE LT MOM
3
3
3
3
2
3
3
3
3
3
3
3
0
3
3
2
0
1
3
0
0
2
0
0
0
0
0
3
0
2
1
1
0
0
2
1
3
0
89D AVG 144D AVG
1
1
1
1
0
1
1
1
1
1
1
1
0
1
1
1
0
0
1
0
0
1
0
0
0
0
0
1
0
1
1
1
0
0
1
0
1
0
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
0
0
0
1
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
1
0
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
0
1
1
0
0
1
0
0
0
0
0
1
0
1
0
0
0
0
1
1
1
0
22
16
38
58%
42%
100%
17
21
38
45%
55%
100%
23
15
38
61%
39%
100%
54.4%
Page 25
21.03.2014
Australian Dollar/US Dollar
Daily Chart
Mt U +
1.05
The AUD/USD failed to

cross the 200-day average
within the first attempt but
the momentum indicators
are still rising. Thus, we
expect further strength for
the Australian Dollar
against the US Dollar and
upgrade our outlook to
positive.
1.00
0.95
0.90
Resistances:
- 0.915
- 0.934
- 0.955
Supports:
- 0.89
- 0.875
- 0.867
500
400
300
200
100
0
-100
-200
-300
-400
-500
US Dollar/Canadian Dollar
J
Daily Chart
Mt 0
1.13
1.12
1.11
1.10
1.09
1.08
1.07
1.06
1.05
1.04
1.03
1.02
1.01
1.00
0.99
0.98
0.97
0.96
Despite to the breakout

from the consolidation
range we reiterate our
neutral view given the still
topping medium-term
momentum.
350
300
250
200
150
100
50
0
-50
-100
-150
-200
-250
Resistances:
- 1.13
- 1.16
- 1.18
Supports:
- 1.115
- 1.09
- 1.06
Page 26
21.03.2014
US Dollar/Japanese Yen and the Global-38 Japanese Yen Model
Daily Chart
Mt 0
105
Remains close to the 55day moving average but

the momentum picture
remains weak. We
reiterate our overall neutral
view and wait for clearer
indications.
100
95
90
85
80
75
500
400
300
200
100
0
-100
-200
-300
-400
-500
-600
Resistances:
- 104
- 105.5
- 107
Supports:
- 101.25
- 100.5/100
- 99
GREEN = JPY is rising / Currency is declining. RED = JPY is declining / Currency is rising
TOTAL
SCORE
PREV
DAY
JAPANESE YEN
IN 38 CURRENCIES
18
18
18
18
18
18
18
17
17
16
15
15
15
12
12
12
12
12
12
12
12
12
12
12
12
10
9
9
9
9
7
6
6
6
5
4
1
1
UP
UP
UP
UP
UP
UP
UP
UP
UP
FLAT
UP
UP
UP
DOWN
UP
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
UP
DOWN
DOWN
UP
DOWN
UP
UP
UP
DOWN
DOWN
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
JPY
/ ARGENTINIAN PESO
/ CANADIAN DOLLAR
/ PHILIPPINE PESO
/ S AFRICAN RAND
/ SINGAPORE DOLLAR
/ TAIWANESE DOLLAR
/ TURKISH LIRA
/ BRITISH POUND
/ KOREAN WON
/ HUNGARIY FORINT
/ MEXICAN PESO
/ PERUVIAN SOL
/ POLISH ZLOTY
/ BULGARIAN LEVI
/ CHILEAN PESO
/ CROATIAN KUNA
/ CZECH KORUNA
/ DANISH KRONE
/ ESTONIAN KROON
/ EURO
/ LATVIAN LAT
/ LITHUANIAN LITA
/ NORWEGIAN KRONE
/ SLOVAK KORUNA
/ SWISS FRANC
/ THAI BAHT
/ INDIAN RUPEE
/ ROMANIAN LEU
/ RUSSIAN ROUBLE
/ SWEDISH KRONA
/ INDONESIAN RUPIAH
/ HONG KONG DOLLAR
/ N ZEALAND DOLLAR
/ US DOLLAR
/ COLUMBIAN PESO
/ BRAZILIAN REAL
/ AUSTRALIAN DOLLAR
/ PAKISTAN RUPEE
ST
TOTAL
SCORE
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
65.4%
SHORT-TERM
SCORE ST MOM
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
3
3
3
3
3
3
3
3
3
3
3
3
3
3
1
3
3
3
3
3
3
3
3
3
3
2
2
2
0
2
2
0
1
0
0
1
0
0
MT
13D AVG 21D AVG
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
0
1
0
0
1
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
31
7
38
82%
18%
100%
29
9
38
76%
24%
100%
25
13
38
66%
34%
100%
74.6%
UP
DOWN
FLAT
25
7
6
38
MEDIUM-TERM
SCORE MT MOM
3
3
3
3
3
3
3
3
3
2
2
2
2
1
3
1
1
1
1
1
1
1
1
1
1
1
1
1
3
1
0
2
1
2
1
0
0
0
LT
34D AVG 55D AVG
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
0
0
0
1
1
1
1
1
1
1
1
1
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
1
0
1
0
0
0
0
34
4
38
89%
11%
100%
11
27
38
29%
71%
100%
17
21
38
45%
55%
100%
54.4%
LONG-TERM
SCORE LT MOM
3
3
3
3
3
3
3
2
2
3
2
2
2
1
3
1
1
1
1
1
1
1
1
1
1
2
1
1
3
1
1
2
1
2
3
1
1
1
89D AVG 144D AVG
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
0
0
0
0
0
0
0
0
0
1
0
0
1
0
0
1
0
1
1
0
0
0
1
1
1
1
1
1
1
0
0
1
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
1
0
0
0
38
0
38
100%
0%
100%
19
19
38
50%
50%
100%
11
27
38
29%
71%
100%
59.6%
Page 27
21.03.2014
British Pound/US Dollar and the Global-38 British Pound Model
Daily Chart
Mt 0
The pound is currently
testing the 55-day moving
average and also the
momentum picture
indicates further downside
risks. However, as long as
there is no clear breakout,
we keep our rating
unchanged.
1.65
1.60
1.55
1.50
400
300
200
Resistances:
- 1.685
- 1.695
- 1.705
Supports:
- 1.64
- 1.625
- 1.59
100
0
-100
-200
-300
-400
GREEN = GBP is rising / Currency is declining. RED = GBP is declining / Currency is rising
TOTAL PREV BRITISH POUND
SCORE DAY IN 38 CURRENCIES
18
16
14
13
13
11
9
9
8
8
7
7
7
7
5
5
4
4
3
3
3
3
3
2
2
2
2
2
2
2
2
2
2
2
1
1
1
0
UP
FLAT
FLAT
UP
FLAT
DOWN
UP
UP
DOWN
DOWN
UP
FLAT
UP
UP
DOWN
DOWN
DOWN
DOWN
UP
UP
FLAT
UP
FLAT
DOWN
FLAT
DOWN
DOWN
DOWN
DOWN
DOWN
UP
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
GBP / UKRAINIAN HRYVNIA

GBP / CANADIAN DOLLAR
GBP / S AFRICAN RAND
GBP / ARGENTINIAN PESO
GBP / PHILIPPINE PESO
GBP / NORWEGIAN KRONE
GBP / KOREAN WON
GBP / RUSSIAN ROUBLE
GBP / CZECH KORUNA
GBP / HUNGARIY FORINT
GBP / CHILEAN PESO
GBP / SINGAPORE DOLLAR
GBP / TAIWANESE DOLLAR
GBP / TURKISH LIRA
GBP / CROATIAN KUNA
GBP / SWEDISH KRONA
GBP / INDONESIAN RUPIAH
GBP / SWISS FRANC
GBP / COLUMBIAN PESO
GBP / HONG KONG DOLLAR
GBP / MEXICAN PESO
GBP / PERUVIAN SOL
GBP / US DOLLR
GBP / AUSTRALIAN DOLLAR
GBP / BRAZILIAN REAL
GBP / DANISH KRONE
GBP / ESTONIAN KROON
GBP / EURO
GBP / LATVIAN LAT
GBP / LITHUANIAN LITA
GBP / POLISH ZLOTY
GBP / ROMANIAN LEU
GBP / SLOVAK KORUNA
GBP / THAI BAHT
GBP / INDIAN RUPEE
GBP / JAPANESE YEN
GBP / N ZEALAND DOLLAR
GBP / PAKISTAN RUPEE
ST
TOTAL
SCORE
UP
UP
UP
UP
UP
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
30.0%
SHORT-TERM
SCORE ST MOM
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
3
3
3
2
2
3
0
0
2
1
0
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
MT
13D AVG 21D AVG
1
1
1
0
0
1
0
0
1
1
0
0
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
28
38
26%
74%
100%
7
31
38
18%
82%
100%
6
32
38
16%
84%
100%
20.2%
UP
DOWN
FLAT
5
24
9
38
MEDIUM-TERM
SCORE MT MOM
3
2
1
2
2
0
3
3
0
1
2
2
2
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
LT
34D AVG 55D AVG
1
0
0
0
0
0
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
0
1
1
0
1
1
0
0
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
0
1
1
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
35
38
8%
92%
100%
10
28
38
26%
74%
100%
12
26
38
32%
68%
100%
LONG-TERM
SCORE LT MOM
3
3
3
3
3
2
3
3
2
3
3
3
3
3
2
2
1
1
3
3
3
3
3
2
2
2
2
2
2
2
2
2
2
2
1
1
1
0
89D AVG 144D AVG
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
1
1
1
1
1
0
1
1
0
1
1
1
1
1
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
0
36
2
38
95%
5%
100%
17
21
38
45%
55%
100%
33
5
38
87%
13%
100%
75.4%
21.9%
Page 28
21.03.2014
Euro/US Dollar and the Global-38 Euro Model
Daily Chart
Mt +
The Euro/USD is currently
re-testing the breakout
level. Given the intact
medium-term technicals,
we still expect further
strength and keep our
outlook positive.
1.35
1.30
1.25
1.20
400
300
200
Resistances:
- 1.40
- 1.405
- 1.45
Supports:
- 1.385
- 1.37
- 1.357
100
0
-100
-200
-300
-400
GREEN = EUR is rising / Currency is declining. RED = EUR is declining / Currency is rising
TOTAL PREV EURO
SCORE DAY IN 38 CURRENCIES
18
18
18
16
16
16
16
15
15
15
15
13
13
13
13
11
10
10
9
8
7
7
7
6
6
5
5
5
4
3
3
2
2
2
0
0
0
0
UP
UP
UP
UP
DOWN
DOWN
UP
UP
UP
DOWN
UP
UP
UP
UP
UP
UP
UP
UP
UP
FLAT
UP
UP
UP
UP
DOWN
DOWN
DOWN
DOWN
DOWN
UP
UP
UP
UP
UP
DOWN
UP
DOWN
DOWN
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
/ CANADIAN DOLLAR
/ DANISH KRONE
/ HUNGARY FORINT
/ BRITISH POUND
/ BULGARIAN LEVI
/ CZECH KORUNA
/ S AFRICAN RAND
/ CHINESE YUAN
/ KOREAN WON
/ NORWEGIAN KRONE
/ TAIWANESE DOLLAR
/ ARGENTINIAN PESO
/ PHILIPPINE PESO
/ SINGAPORE DOLLAR
/ TURKISH LIRA
/ POLISH ZLOTY
/ CHILEAN PESO
/ PERUVIAN SOL
/ RUSSIAN ROUBLE
/ CROATIAN KUNA
/ HONG KONG DOLLAR
/ MEXICAN PESO
/ US DOLLAR
/ JAPANESE YEN
/ SWISS FRANC
/ LATVIAN LAT
/ LITHUANIAN LITA
/ SWEDISH KRONA
/ INDONESIAN RUPIAH
/ COLUMBIAN PESO
/ THAI BAHT
/ AUSTRALIAN DOLLAR
/ BRAZILIAN REAL
/ ROMANIAN LEU
/ ESTONIAN KROON
/ INDIAN RUPEE
/ N ZEALAND DOLLAR
/ PAKISTAN RUPEE
ST
TOTAL
SCORE
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
UP
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
FLAT
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
DOWN
50.0%
SHORT-TERM
SCORE ST MOM
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
3
3
3
3
3
3
3
2
2
3
2
2
2
2
2
1
1
1
0
1
0
0
0
0
2
1
1
1
1
0
0
0
0
0
0
0
0
0
MT
13D AVG 21D AVG
1
1
1
1
1
1
1
0
0
1
0
0
0
0
0
0
0
0
0
1
0
0
0
0
1
1
1
1
1
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14
24
38
37%
63%
100%
16
22
38
42%
58%
100%
18
20
38
47%
53%
100%
42.1%
UP
DOWN
FLAT
15
15
8
38
MEDIUM-TERM
SCORE MT MOM
3
3
3
3
2
2
2
3
3
2
3
2
2
2
2
3
2
2
3
1
2
2
2
2
0
0
1
0
0
0
0
0
0
0
0
0
0
0
LT
34D AVG 55D AVG
1
1
1
1
0
0
0
1
1
0
1
0
0
0
0
1
0
0
1
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
28
38
26%
74%
100%
23
15
38
61%
39%
100%
24
14
38
63%
37%
100%
50.0%
LONG-TERM
SCORE LT MOM
3
3
3
1
3
3
3
3
3
2
3
3
3
3
3
2
3
3
3
3
3
3
3
2
0
2
0
2
1
3
3
2
2
2
0
0
0
0
89D AVG 144D AVG
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
0
0
0
0
1
1
1
1
0
1
1
0
0
0
0
1
1
1
1
1
1
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
0
0
1
1
1
0
0
0
0
0
0
1
1
1
0
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
0
1
0
1
0
1
1
1
1
1
0
0
0
0
27
11
38
71%
29%
100%
27
11
38
71%
29%
100%
30
8
38
79%
21%
100%
73.7%
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Technical Investment Weekly

International Chart Outlook

Mar Apr May Jun

Credit Suisse Relationship Managers and Investment Consultants who

Rolf Bertschi, Managing Director, rolf.bertschi@credit-suisse.com

International Chart Outlook

GLOBAL STOCK MARKET INDICES

MSCI WORLD STOCKS

MSCI EMERGING MARKETS

USA S&P 500 INDEX

CANADA COMPOSITE INDEX

Rec.Date Rec. Price

BRAZIL BOVESPA INDEX

open long 21.03.2014 14'334.00

EUROPE EUROSTOXX 50 INDEX

U.K. FTSE 100 INDEX

DENMARK OMXC20 INDEX

FINLAND OMXH GEN PI INDEX

NORWAY OSE ALL SHARE INDEX

SWEDEN OMXS30 INDEX

PORTUGAL PSI GENERAL

ITALY MIB INDEX

SPAIN IBEX 35 INDEX

RUSSIA RTS INDEX

GREECE ATHEX COMPOSITE

JAPAN NIKKEI 225

AUSTRALIA ALL ORDINARIES

CHINA SHANGHAI A SHARE

CHINA SHANGHAI B SHARE

CHINA SHANGHAI COMPOSITE

HONG KONG CHINA ENTERPRISES

INDONESIA IDX COMPOSITE INDEX

MALAYSIA FTSE BURSA KLCI INDEX

HONG KONG HANG SENG INDEX

PHILIPPINES PSE INDEX

SINGAPORE STRAITS TIMES INDEX

SOUTH KOREA KOSPI INDEX

TAIWAN WEIGHTED INDEX

THAILAND SET INDEX

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

International Chart Outlook

BRENT CRUDE OIL

USA 7-10 YR TOTAL RETURN

CANADA 7-10 YR TOTAL RETURN

GLOBAL BOND MARKETS

LIGHT CRUDE OIL

INDUSTRIAL METALS INDEX

GERMANY 7-10 YR TOTAL RETURN

SWITZERLAND 7-10 YR TOTAL RETURN

U.K. 7-10 YR TOTAL RETURN

ITALY 7-10 YR TOTAL RETURN

SPAIN 7-10 YR TOTAL RETURN

JAPAN 7-10 YR TOTAL RETURN

AUSTRALIA 7-10 YR TOTAL RETURN

US DOLLAR / SWISS FRANC

US DOLLAR / CANADIAN DOLLAR

US DOLLAR / JAPANESE YEN

BRITISH POUND / US DOLLAR

AUSTRALIAN DOLLAR / US DOLLAR

US DOLLAR / RUSSIAN ROUBLE

US DOLLAR / TURKISH LIRA

US DOLLAR / SOUTH AFRICAN RAND

US DOLLAR / BRAZILIAN REAL