Commodity Prices

Gold •709 days	2,368.70	+35.30	+1.51%
Platinum •10 mins	1,712.20	+46.50	+2.79%
WTI Crude •19 hours	84.88	-2.83	-3.23%
Gasoline •19 hours	3.050	-0.052	-1.66%
Ethanol •709 days	2.161	+0.000	+0.00%
Silver •709 days	30.82	+1.16	+3.92%

Silver • 709 days	30.82	+1.16	+3.92%
Copper • 709 days	4.530	+0.111	+2.51%
Brent Crude • 18 hours	87.33	-3.05	-3.37%
Natural Gas • 19 hours	3.120	+0.033	+1.07%
Heating Oil • 19 hours	3.404	-0.109	-3.09%

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Daily Technical Report

By - Jan 13, 2012, 6:19 AM CST

USD/CHF has printed a lower high at 0.9567 which now opens up a re-test to 0.9306. Below this level would then greatly increase the probability of a return to test the 200 day moving average.

In the absence of the SNB, it is anticipated that a return to 0.8712 (the current location of the 200 day moving average) would be possible, ahead of a further phase higher.

When formulating strategy for USD/CHF a close eye needs to be kept on EUR/CHF, where the threat of SNB intervention is ever present. The ability of the SNB to successfully maintain its floor in EUR/CHF at 1.2000 is key. Despite the recent pullback in Italian yields it is still anticipated that 10 year Italian sovereign yields will return to the 7.500% region.

10 year yields in Spain and Italy are currently trading at 5.117% and 6.545% versus 6.478% and 7.355%, before the US Dollar based swap agreement. These same yields were trading at 5.203% and 6.542% respectively yesterday.

Daily Technical Report