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Mixed Global Stance Restricted Upside in Equities & Gold

By Research Team Monday, Mar 27, 2023
USD/CHF

    • 10.02amD1
    • High0.9199
    • Low0.91795
    • Close0.91868

USD/CHF is trading at 0.91824, 0.04% down since previous day close. The sideways momentum can be seen in Swiss Franc in early trade on Monday as fear still looms over banking crisis in U.S & European regions. Last week, the US Dollar softened after Fed hiked an expected 25bps interest rate leading to 5.00% from 4.75% & also, hinted for more rate hikes if required in near future which led into buying pressure in other major currencies. The Swiss National Bank (SNB) hiked its LIBOR rate by 50 bps from 1.00% to 1.50% which turned out to be positive for USD/CHF. As seen in chart, the pair is trading near lower trend-line of channel pattern; indicating the chances of breakdown. Buying in CHF may be recommended against USD.

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Daily Outlook

USD/CHF

Intra Day
Near Day

Technical Levels

R3 0.93136
R2 0.92516
R1 0.92244
Turnaround 0.91896
S1 0.91624
S2 0.91276
S3 0.90656
By Research Team Monday, Mar 27, 2023
UK100

    • 10.21amD1
    • High7452.2
    • Low7436.5
    • Close7448.5

UK100 is trading at 7448, 0.03% down since previous day close. The flat to downside momentum can be seen in global markets as traders & investors remains cautious over banking & financial crisis in U.S & Europe. On data front, the Flash Manufacturing PMI fell to 48.0 from 49.3 & the Flash Services PMI dropped to 52.8 against the expectation 53.1. These slightly weighs down the index UK100. Last week, the mixed stance from U.S Treasury Secretary Janet Yellen over taking measures towards banking crisis & deposits led traders more susceptible over global growth dragged down the equities. As seen in the chart, the index successfully is hovering near short-term MA (200) & previous lows which indicates the buying pressure on short term basis,

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Daily Outlook

UK100

Intra Day
Near Day

Technical Levels

R3 7697.00000
R2 7553.00000
R1 7489.00000
Turnaround 7409.00000
S1 7345.00000
S2 7265.00000
S3 7121.00000
By Research Team Monday, Mar 27, 2023
XAUUSD

    • 10.40amD1
    • High1978.79
    • Low1971.99
    • Close1972.74

Gold is trading at $1973.14, 0.13% down since previous close. The corrective phase can be seen in precious metals after rallying to $2000 mark last week. Ongoing ruction in U.S banking sector made the safe haven instruments more expensive. Last week, the steady USD as U.S Secretary Janet Yellen showed mixed statements for measures over deposits in Signature & SVB banks. Earlier, the USD slid down to seven-month lows as Fed hiked an interest rate by 25bps leading to 5.00% from 4.75%; though hinting for more rate hikes in near future led buying pressure in metals. The Gold may test the MA (10) on correction & hence, slight trading may be recommended for the day.

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Daily Outlook

XAUUSD

Intra Day
Near Day

Technical Levels

R3 2040.77000
R2 2012.89000
R1 1994.89000
Turnaround 1985.01000
S1 1967.01000
S2 1957.13000
S3 1929.25000
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