SOFR: SFRM6/U6/Z6 Fly Lifted

• RES 4: $70.16 - High Jun 23 and a key medium-term resistance 
• RES 3: $64.97 - High Sep 26
• RES 2: $61.25 - High Oct 24 and a key resistance  
• RES 1: $58.56 - 50-day EMA    
• PRICE: $57.89 @ 06:43 GMT Dec 31
• SUP 1: $54.89 - Low Dec 16
• SUP 2: $54.71 - Low Apr 9 and a key support
• SUP 3: $53.77 - 1.764 proj of the Jul 30 - Aug 13 - Sep 26 price swing
• SUP 4: $52.27 - 2.000 proj of the Jul 30 - Aug 13 - Sep 26 price swing   

The trend condition in WTI futures remains bearish and gains are considered corrective - for now. MA studies are in a bear-mode position, highlighting a dominant downtrend. A key support and the bear trigger at $56.11, the Oct 17 low, has recently been breached. The break highlights a continuation of the downtrend and opens $53.77, a Fibonacci projection. Key S/T resistance is $61.25, the Oct 24 high. First resistance is at $58.56, the 50- day EMA.

China’s banking sector held net foreign assets of USD371.6 billion by the end of September, data released Tuesday by the State Administration of Foreign Exchange showed. The sector has USD1.81 trillion in foreign financial assets and USD1.44 trillion in foreign liabilities. Of these, net liabilities in yuan amounted to USD224.9 billion, while net assets in foreign currencies amounted to USD596.5 billion. (Source: CNR Finance)

Beijing’s move to reduce the value-added tax on homes sold by individuals who have owned them for less than two years will help release pent-up demand for upgrades, 21st Century Business Herald reported citing analysts. The tax rate will be lowered to 3% from the current 5%, or be exempted with more than two years of ownership, taking effect from January 1, 2026. The new policy will also help ease deep price cuts by property sellers due to the high transaction costs, analysts said, noting that CNY40,000 can be saved when selling a CNY2 million house.