Markets are back in risk-off mode as down dropped more than -1100 pts overnight. Dollar and Yen tried to rebound but there was no follow through buying. Indeed, both remain the worst performing ones for the week. Instead, safe-haven flow seems to be benefiting Swiss Franc more this time. Franc is also helped by buying against Euro and Sterling. Aussie is firm despite weaker than expected job data. Technically, EUR/CHF's break of 1.0360 support is the first sign that whole corrective rebound from 09970 has completed. Deeper fall is now in favor to retest this low, with prospect of resuming medium term down trend. At the same time, GBP/CHF's consolidation from 1.2112 might also be finished after rejection by trend line resistance. Next focus will be 1.2075 support. Firm break there will also resume the down trend from 1.3070. Such developments are worth monitoring for the next few days. In Asia, at the time of writing, Nikkei is down -1.74%. Hong Kong HSI is down -2.48%. China Shanghai SSE is down -0.09%. Singapore Strait Times is down -0.36%. Japan 10-year JGB yield is down -0.0031 at 0.243. Overnight, DOW dropped -3.57%. S&P 500 dropped -4.04%. NASDAQ dropped -4.73%. 10-year yield 0.082 to 2.886, after rejection by 3%. | 