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Indices Rallied On Reaching Out Tentative U.S Debt Ceiling Limit Raising Deal

By Research Team Monday, May 29, 2023
USD/CHF

    • 10.05amd1
    • High0.90618
    • Low0.90451
    • Close0.90462

USD/CHF is trading at 0.90509, 0.04% down since previous day close. The USD/CHF slightly inched up on Monday after the provisional deal has been reached between the Republicans & Democrats on weekend agreeing to raise the debt ceiling until January 202; however, the deal is still pending to be approved by Congress in this week. The traders will be looking forward to the result of GDP & KOF Economic      Barometer data which are to be released on Tuesday. Globally, the outcome of U.S Non-farm Payroll data & Fed’s monetary stance will remain vital for USD/CHF. Wait & watch strategy may be adopted for the day in USD/CHFs since the pair is trading within the Moving Averages 100 & MA (10).

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Daily Outlook

USD/CHF

Intra Day
Near Day

Technical Levels

R3 0.91594
R2 0.91035
R1 0.90767
Turnaround 0.90476
S1 0.90208
S2 0.89917
S3 0.89358
By Research Team Monday, May 29, 2023
GER30

    • 10.23amd1
    • High16071
    • Low16023
    • Close16030

GER30 is trading at 16029.3, 0.18% up since previous close. The buying pressure continued to be seen in European shares on Monday after U.S President Joe Biden & House Speaker Kevin McCarthy agreed to sign a tentative deal to raise the debt ceiling limit until January 2025 before the deadline of U.S default is approaching. On data front, the German Flash Manufacturing PMI dropped to 42.9 from 44.5 whereas the Flash Services PMI rose to 57.8 from 56.0 in the previous month. The fear of chances of aggressive rate hikes in near future amid higher inflation rate & higher employment rate remain significant for world indices. As seen in the chart, the index reversed up from Fibo level 38.2 which acts as a major support level & hence, slight buying bias may be seen further.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 16519.00000
R2 16228.00000
R1 16121.00000
Turnaround 15937.00000
S1 15830.00000
S2 15646.00000
S3 15355.00000
By Research Team Monday, May 29, 2023
GOLD

    • 10.42amd1
    • High1946.16
    • Low1940.266
    • Close1945.27

Gold is trading at $1945.01, 0.03% up since previous close. The range bound trading can be seen in gold prices against the stronger USD as tentative agreement has been reached out between U.S Republicans & Democrats on last weekend; with a focus to raise det ceiling limit. Last week, the U.S posted robust Prelim GDP & Jobless Claims data which cushioned USD & subdued precious metals. The weaker Chinese economic data made the gold weaker since China is a top consumer of metals. Uncertain future FOMC monetary decision will remain vital for Gold. As seen in chart, the Gold slid down to previous lows & forms a make-or-break situation. The cautious trading may be recommended for the day in Gold.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1987.62000
R2 1967.31000
R1 1956.30000
Turnaround 1946.90000
S1 1936.31000
S2 1926.27000
S3 1905.75000
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