We have updated our Equity Top Pick List to reflect the events of the past quarter. The list includes those stocks, typically US and European ones, that we consider to be proper investment choices from a fundamental point of view. It can provide a starting point for building a sector-diversified equity exposure in portfolios, but can also be used as a watch list. Technical analysis should be used to time / determine the specific investment decision.
The semiconductor sector has had a challenging quarter, with its performance in recent months lagging behind improvements in underlying fundamentals, even as AI-driven demand remained exceptionally strong. The accelerating adoption of AI by enterprises and the proliferation of AI agents are significantly increasing the demand for computing capacity, which points to a further surge in cloud services and data center investments. Given current supply constraints, record-high backlogs, and higher-than-expected investment needs, we expect further upward revisions to earnings forecasts in the semiconductor industry. Nevertheless, the sector’s valuation appears favorable from a historical perspective, which, in our view, could result in a more attractive risk-return profile in the coming months.
The dollar has remained strong in recent days, so the dollar’s strength has continued to dominate its major currency pairs; there are no signs of a reversal in this regard yet. As for the forint, a minor correction began three weeks ago, but neither its magnitude nor its intensity was sufficient to suggest a prolonged depreciation of the forint. The USD/JPY exchange rate broke through the 162.5 level, confirming the continuation of the uptrend. Meanwhile, the EUR/CHF exchange rate also surpassed the nearest resistance zone, keeping the pair on an upward trend.
Due to vacation, there will be no analysis next week. The next article will be published on August 12, 2026.
The exchange rate is consolidating between the 1.1352 and 1.1475 levels. Until it breaks through one of these levels, a stronger move will not be able to take hold. The main trend is still downward, so as long as the trendline holds, the path downwards will be easier; if 1.1352 is broken, the next support level is around 1.1230.
Resistance levels: 1.1719; 1.1841; 1.1962; 1.2085; 1.2207; 1.2329; 1.2451.
Support levels: 1,1352; 1.1230.
Due to the strength of the dollar, the upward trend in price movement has been broken, and the price may be targeting the bottom of the wide trading range. There is a key support level at 1.3184. To resume an upward move, the price would need to break above the thick red trendline.
Resistance levels: 1.3672; 1.3916; 1.4160.
Support levels: 1.3184; 1.2939; 1.2812; 1.2695.
After breaking the downtrend, the exchange rate approached the first resistance level at 367.1, but ultimately turned downward sooner than expected. In the event of an uptrend, it is still worth factoring in this resistance level. On the downside, 359.4 and 355.5 are key support levels; these should hold the price from falling further. There are no signs of a major breakout; movement within the range mentioned is likely.
Resistance levels: 375; 382,8; 390,6.
Support levels: 359.4; 355.5; 351.56; 343.75; 335.9; 328.1.
The slight strengthening of the forint that followed a test of the natural support level around 320.4 actually pushed the curve away from the longer-term downtrend line. If the support level around 312.5 holds the decline, the downtrend could break within weeks. If it does break below this level, however, the support level around 304 could be reached.
Resistance levels: 320.4; 328.1; 343.75; 351.5; 359.38.
Support levels: 312.5; 304.7, 296; 289.2; 281.25.
The main trend is upward, and no pattern indicating a reversal has appeared yet. Above 162.5, the price may test the 165.63 level. 162.5 is now a support level; a break below this level could trigger a reversal pattern.
Resistance levels: 165.63; 168.75.
Support levels: 159.38; 156.25; 153.125; 151.5; 150.
The price has broken above the 0.9277 level and may soon reach the main downtrend line. The rising trendline is also pushing the price upward from below. If it retests the 0.9277 natural level, it would be better to look for a long entry. On the upside, 0.94 can be mentioned as the next resistance level.
Resistance levels: 0.9399; 0.9521; 0.9644.
Support levels: 0.9155; 0.9033; 0.8911.
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