EM ASIA CREDIT: PT Cikarang Listrindo (CIKLIS, Ba1/BB+/NR) to IG with S&P

• RES 4: 107.065 High Jan 2
• RES 3: 106.965 High Jan 3  
• RES 2: 106.758 20-day EMA 
• RES 1: 106.695 High Jan 22      
• PRICE: 106.645 @ 06:06 GMT Jan 22   
• SUP 1: 106.545/435 Low Jan 16 / 15 and the bear trigger             
• SUP 2: 106.375 Low Oct 31  (cont) and a key support
• SUP 3: 106.342 2.764 proj of the Dec 2 - 6 - 12 price swing
• SUP 4: 106.255 3.000 proj of the Dec 2 - 6 - 12 price swing

A medium-term bear cycle in Schatz futures remains intact. From a short-term perspective, the Jan 15 recovery highlighted a reversal and the start of a correction. Recent gains have exposed resistance at 106.758, the 20-day EMA. On the downside, 106.435, the Jan 15 low has been defined as the bear trigger. Clearance of this level would confirm a resumption of the bear trend.

• RES 4: 1.2607 High Dec 30
• RES 3: 1.2537 50-day EMA     
• RES 2: 1.2494 High Jan 8 
• RES 1: 1.2360/69 High Jan 22 / 20-day EMA
• PRICE: 1.2336 @ 06:25 GMT Jan 22
• SUP 1: 1.2100 Low Jan 10 and the bear trigger 
• SUP 2: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing
• SUP 3: 1.2037 Low Oct 4 ‘23 and a key support 
• SUP 4: 1.2000 Psychological round number      

A short-term bullish corrective cycle in GBPUSD remains in play, for now. Initial firm resistance to watch is 1.2369, the 20-day EMA. A clear breach of the average would highlight a stronger corrective phase and signal scope for an extension, possibly towards the 50-day EMA, at 1.2537. The bear trigger has been defined at 1.2100, the Jan 10 low. Clearance of this support would resume the downtrend.