CHINA: Clarity on China's Approach to FX Stops Well Short of USD Asset Sales

J.P.Morgan hold a “flattening bias on 30s/50s EGB curves given increasing convexity benefit on increasing volatility and recommend 30s/50s France flatteners (OAT May55/May72).”

• RES 4: $35.736 - 1.236 proj of the Feb 14 - Apr 12 - May 2 ‘24 swing 
• RES 3: $34.903 - High Oct 23 and the bull trigger
• RES 2: $34.000 - Round number resistance  
• RES 1: $32.765/33.397 - High Mar 5 / High Feb 14 and the bull trigger                                 
• PRICE: $32.585 @ 08:03 GMT Mar 10    
• SUP 1: $31.526/30.815 - 50-day EMA / Low Feb 28          
• SUP 2: $30.691/29.704 - Low Feb 3 / Low Jan 27 
• SUP 3: $28.748 - Low Dec 19 and bear trigger
• SUP 4: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 

Recent weakness in Silver appears to have been a correction and last week’s strong gains reinforce this theme. A continuation higher would refocus attention on the bull trigger at $33.397, the Feb 14 high. Clearance of this level would resume the uptrend. Moving average studies are in a bull-mode set-up, highlighting a dominant uptrend. Key support to watch lies at $31.566, the 50-day EMA, and $30.815, the Feb 28 low.

Positive start seen for European & UK equity benchmarks, based on futures moves.

• Euro Stoxx 50 futures: +0.57%
• DAX futures: +0.78%
• CAC 40 futures: +0.49%
• FTSE MIB: + 0.62%
• SMI: +0.44%
• FTSE 100: +0.37%