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Mixed Global PMI Figures Limited the Gains in Equities

By Research Team Wednesday, Jan 25, 2023
USD/CHF

    • 9.08amW1
    • High0.92301
    • Low0.92172
    • Close0.9224

USD/CHF is trading at 0.92245, 0.04% down since previous day close. The sideways trading can be seen in Swiss Franc post release of Trade Balance figures which showed a surplus amounting to 2.83B against the expectation 3.23B. The traders will be looking forward to the result of Credit Suisse Economic Expectations data today. Earlier, the soft USD after ECB Chief Lagarde hinted for aggressive rate hikes by almost 50 bps in next two ECB meetings & the higher chances of smaller rate hikes in forthcoming FOMC meeting cushioned the safe haven currencies like YEN & CHF. Besides this, improving Chinese economic conditions may remain bullish for currencies. As seen in the chart, the pair is hovering near major support level & hence, slight buying may be expected in CHF against USD.

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Daily Outlook

USD/CHF

Intra Day
Near Day

Technical Levels

R3 0.94064
R2 0.93189
R1 0.92700
Turnaround 0.92314
S1 0.91834
S2 0.91439
S3 0.90564
By Research Team Wednesday, Jan 25, 2023
AUS200

    • 9.25am W1
    • High7440
    • Low7391
    • Close7421

AUS200 is trading at 7422.3, 0.05% up since previous close. An Australia issued a rise in inflation rate by 1.9% from 1.8% in the previous reading which led slight downside in Aussie & cushioned the AUS200 since they are inversely correlated. The country’s Flash Manufacturing PMI contracted to 49.8 from 50.2 while the Flash Services PMI climbed to 48.3 from 47.3. These further mixed trading in AUS200. Earlier, the ECB Chief hinted for aggressive rate hikes in the next meeting which dragged down the USD & cushioned the equity markets. The mixed view over chances of smaller interest rate hikes in next Fed’s meet emerges range bound trading in indices. As seen in the chart, the index is trading cluster resistance level & hence, buying on dips may be recommended for the day.

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Daily Outlook

AUS200

Intra Day
Near Day

Technical Levels

R3 7538.00000
R2 7480.00000
R1 7455.00000
Turnaround 7422.00000
S1 7397.00000
S2 7364.00000
S3 7306.00000
By Research Team Wednesday, Jan 25, 2023
WTI OIL

    • 9.45amD1
    • High80.64
    • Low80.05
    • Close80.36

WTI Oil is trading at $80.40, 0.06% down since previous day close. The Oil prices slid down on Wednesday after U.S API report showed a drop-down in Oil stocks level by 3.37 mbpd against the expected rise of 1.60 mbpd. Globally, the soft USD on chances of monetary easing in next FOMC meeting led buying pressure in dollar denominated commodities like WTI Oil. The U.S Baker Hughes report showed a fall in Oil rig counts by 10 leading to 613 from 623 in the previous week which failed to create any major impact on Oil prices. The result of U.S EIA report will remain in focus for the day. As seen in the chart, the Oil is hovering near MA (100) which hints for make or break situation on daily basis.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 85.80000
R2 83.23000
R1 81.69000
Turnaround 80.66000
S1 79.12000
S2 78.09000
S3 75.52000
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