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GOLD, USD/CHF and AUS200

By Research Team Wednesday, Jul 27, 2022
GOLD

    • 10.15amD1
    • High1720.13
    • Low1715.84
    • Close1716.86

Gold is trading at $1717.00, 0.02% down since previous day close. The slight selling bias can be seen in precious metals against the mixed USD ahead of the result of FOMC meeting wherein an interest rate hike of 75 bps is expected. Earlier, the growing inflationary pressure may lower down consumption demand of commodities. The slowdown Chinese economic progress further drags down the Gold prices; for China is a major consumer of metals. The result of U.S Core Durable Goods Orders data will remain in focus for the day. As seen in the chart, the Gold slid down till previous lows of $1700 levels which act as major support level & hence, the cautious trading may be seen on daily basis.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1749.39000
R2 1734.69000
R1 1726.34000
Turnaround 1719.99000
S1 1711.64000
S2 1705.29000
S3 1690.59000
By Research Team Wednesday, Jul 27, 2022
USD/CHF

    • 9.30amD1
    • High0.96256
    • Low0.96161
    • Close0.9618

USD/CHF is trading at 0.96183, 0.09% up since previous day close. The range bound trading can be seen in currencies ahead of the result of Fed meeting which is to be concluded on Wednesday. On data front, the Swiss nations’ Trade Balance surplus grew to 3.80B from 2.99B in the previous month which slightly cushioned the USD/CHF. Last week, the ECB hiked its interest rate by 50bps first in 11 years which made other currencies to trade on higher side. The result of Credit Suisse Economic Expectations data will remain in focus today. As seen in the chart, the pair USD/CHF is trading in a descending triangle pattern which indicates lower tops & steady bottoms. This may signal for more convergence in due course of time & slight buying may be noticed in CHF against the USD.

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Daily Outlook

USD/CHF

Intra Day
Near Day

Technical Levels

R3 0.97391
R2 0.96871
R1 0.96550
Turnaround 0.96351
S1 0.96030
S2 0.95831
S3 0.95311
By Research Team Wednesday, Jul 27, 2022
AUS200

    • 9.55amD1
    • High6720
    • Low6675
    • Close6705

AUS200 is trading at 6703, 0.02% up since previous day close. The flat to higher side momentum can be seen in AUS200 amid mixed global cues. Majorly, the traders wait for the result of Fed meeting which is to be concluded on Wednesday with an expectation of 75bpd rate hike. Other than this, the AUS200 slightly moved up post release of CPI data which grew by 1.8% lower than previous reading of 2.1%. This shows an improvement in taming down inflation rate on the basis of prior rate hike move. Last week, the ECB lifted interest rate by 50 bps higher than expectation which boosted up the market sentiments. As seen in the chart, the index is trading above MA (10) & MA (20) & also, is on the verge of crossing over Fibo level 38.2. Buying bias may be recommended for the day.

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Daily Outlook

AUS200

Intra Day
Near Day

Technical Levels

R3 6803.33000
R2 6743.33000
R1 6708.67000
Turnaround 6683.33000
S1 6648.67000
S2 6623.33000
S3 6563.33000
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