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Bears Extended in Global Indices Amid Worsening Covid-19 Situation Whereas Gold Resurges Up

By Research Team Tuesday, Jul 20, 2021
USD/CHF

    • 10.52am ISTD1
    • High0.91949
    • Low0.91757
    • Close0.91897

USD/CHF is trading at 0.91853, 0.03% up since Monday. The Swiss Franc seems to be trading sideways against the stronger USD amid growing number of Delta variant Covid-19 cases across the globe. Last week, the Swiss nations’ PPI rate grew by 0.3% lower than expectation 0.4% which turned out to be slightly negative for the pair USD/CHF. Besides this, the Fed Chair hinted a gradual approach towards interest rate hike decision; considering rising inflation fear & global economic recovery. As seen in the chart, the pair USD/CHF is strongly trading in the sideways channel & is forming a consolidation phase which clearly indicates a make or break situation on short term basis.

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Daily Outlook

USD/CHF

Intra Day
Near Day

Technical Levels

R3 0.92986
R2 0.92438
R1 0.92119
Turnaround 0.91891
S1 0.91572
S2 0.91344
S3 0.90796
By Research Team Tuesday, Jul 20, 2021
COPPER

    • 11.25am ISTD1
    • High9306
    • Low9046
    • Close9103

Copper is trading at $9103.50, 0.39% down since previous close. The growing fear towards rising Covid-19 cases via Delta variant virus remained negative for metals since this may arouse the situation of lockdown phase again & may affect the consumption demand of the global commodities. Also, the soft Chinese GDP data plunge down the Copper prices since China is a major consumer of base metals. Last week, the FOMC Chairman Powell showed a continuation in providing the stimulus support to revive an economy which significantly pushed up the metals. As seen in the chart, the Copper is trading near major support level of previous lows & hence, further selling may be recommended on daily basis.

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Daily Outlook

COPPER

Intra Day
Near Day

Technical Levels

R3 9671.00000
R2 9411.00000
R1 9257.00000
Turnaround 9151.00000
S1 8997.00000
S2 8891.00000
S3 8631.00000
By Research Team Tuesday, Jul 20, 2021
CHNIND

    • 11.10am ISTD1
    • High9973
    • Low9789
    • Close9818

CHNIND is trading at 9811, 0.39% down since Monday. The Chinese shares slid down in early trade on Tuesday after PBoC kept its reserve requirement constant against the expectation of lowering the same. Also, the worsening Covid-19 situation caused by Delta variant virus all over the world remained a suppressive factor for indices. Last week, the soft momentum emerged in indices due to poor U.S tech earnings & rising inflation concerns. Last week, the China issued weaker than expected GDP data which showed a slowdown in industrial activities & hence, CHNIND dragged down further. As seen in the chart, the index slid down till lower trend-line of channel pattern & henceforth, downside may be recommended further for the day.

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Daily Outlook

CHNIND

Intra Day
Near Day

Technical Levels

R3 10311.00000
R2 10117.00000
R1 9999.00000
Turnaround 9923.00000
S1 9805.00000
S2 9729.00000
S3 9535.00000
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