EM ASIA CREDIT: TSMC (TAISEM, Aa3/AA-/NR) to keep cutting edge technology local

• RES 4: 1.2667 High Dec 19
• RES 3: 1.2610 38.2% retracement of the Sep 26 ‘24 - Jan 13 swing   
• RES 2: 1.2576 High Jan 7 
• RES 1: 1.2503/23 50-day EMA / High Jan 27 and key resistance
• PRICE: 1.2479 @ 06:18 GMT Feb 5
• SUP 1: 1.2249 Low Jan 3   
• SUP 2: 1.2161 Low Jan 17 / 20
• SUP 3: 1.2100 Low Jan 10 and the bear trigger 
• SUP 4: 1.2087 0.764 proj of the Sep 26 - Nov 22 - Dec 6 price swing    

Resistance in GBPUSD remains intact and the recent pullback highlights a potential bearish threat. The move down signals the end of the Jan 13 - 27 correction and note that 1.2503, the 50-day EMA, remains intact. Furthermore, MA studies are in a bear-mode position highlighting a dominant downtrend. A resumption of weakness would open 1.2100, the Jan 13 low and bear trigger. A clear break of the 50-day average would alter the picture.