EFTA01386078.pdf

We had a very strong close in USDCHF yesterday, as we closed above .9774, which was the 38.2% retrace of the December — Sept decline. We prefer not to chase USD longs at these levels but will reassess this view on a weekly close above the 200 day moving average. Skandi: (Michael Bilbe) EURSEK - Support: 9.4575 (Aug low), 9.4130 (YTD low) Resistance: 9.6230 (100dma) 9.6680 (high last week) EURNOK - Support: 9.3250 (55dma), 9.2370 (200dma) Resistance: 9.4310 (Sept high) We got comments from Ingves earlier in the week highlighting that they must be vigilant on services prices so it is unsurprising after the very strong service PMI that EURSEK has traded softly. The fundamentals remain strong (as highlighted by another extremely strong PM) yesterday) and the market is happy to have EURSEK shorts as a back burner trade, I feel similar about it and would look to add on a decent rally. EURNOK continues to struggled above 9.40 and feels like it is also set to hold a larger 9.40/9.25 range. I am short against 9.43. It feels like some month end flows may have kept both crosses supported last week so I think we are set to drift lower from here. Metals (I la bibi SAW XAUUSD - Support: $1272 (100 DMA) $1250 (200 DMA) Resistance: $1303 (21Sep17 High) $1337.64 (13Sep17 High) XAGUSD- Support: $16.63 (16Aug Low), $16.35 (61.8% Fib) Resistance: $18.21 (8Sep17 High), $18.65 (YTD High) Gold had been trading below the 100 DMA the most part of this week. It's worth mentioning that Gold is still hovering around vulnerable levels, we anticipate a drift lower towards the 200 DMA and psychological $1250 level in line with the broad USD strength thesis so this relief rally could be a means for improving averages for the bears. With equities still relentlessly marching upwards, the short ratio trade is the only plausible one with XAGs grind lower slowing down and with a 76oz handle in play, 71 should be the near term target as risk stabilizes further. Martin Zeman Director j Key Client Partners Deutsche Bank Wealth Management DB Searities Inc 345 Pr 1 1 .0004 New York. NY. USA Tel. Mobile + Emai KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the FINRA Rule 4512(C)(3). and who are capable of evaluating the strategies, characteristics and investment risks of and exercising independent judgment in evaluating. the ideas and products discussed herein. Trades and transactions are subject to relevant internal approvals of OBS? or its affiliates prior to execution. and the execution of any transaction or idea discussed herein is conditional on your becoming a client of Deutsche Bank. Key Client Partners (KCP) products, investment ideas and solutions and related matters discussed herein are provided for discussion purposes only, and strictly on e non- advisory basis. The KCP Americas desk does not provide investment advice. The information set forth herein is confidential and personal to you andis being presented for your information and for discussion purposes only. Any reproduction ancYor redistribution thereof (in whole or in part) or disclosure of its content without our written consent is strictly forbidden. This communication does not create any legally binding obligation on the part of DB& or any Wits affiliates. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087618 CONFIDENTIAL SDNY GM_00233802 EFTA01386078