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Currencies Steadies Ahead of FOMC Minutes Release, Oil Prices Edges Higher & Range Bound Indices

By Research Team Wednesday, Nov 24, 2021
USD/CHF

    • 2.08pm ISTD1
    • High0.93525
    • Low0.93281
    • Close0.93459

USD/CHF is trading at 0.93501, 0.21% down since previous day close. The steady USD amid mixed global cues turned out to be negative for safe haven currencies & commodities. Globally, the reappointment of hawkish Jerome Powell as a Fed Chief for second term, ongoing Oil rout between Oil producers & consumers & increasing number of Covid-19 cases in Europe weakened the currencies. On data front, the Credit Suisse Economic Expectations fell to 10.8 from a rise of 15.6 in the previous month. As seen in the chart, the pair is strongly trading near the upper trend-line of channel pattern which signals for a breakout if breached or a reversal if sustained. The cautious trading may be recommended for the day.

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Daily Outlook

USD/CHF

Intra Day
Near Day

Technical Levels

R3 0.94122
R2 0.93693
R1 0.93518
Turnaround 0.93260
S1 0.93089
S2 0.92835
S3 0.92406
By Research Team Wednesday, Nov 24, 2021
GOLD

    • 2.40pm ISTD1
    • High1796.43
    • Low1789.09
    • Close1791.96

Gold is trading at $1790.62, 0.05% up since previous day close. The Gold prices slightly inches up on Wednesday after heavily sliding down to one-month lows in the previous session. The optimism looms over upcoming FOMC Minutes release & also, U.S clearance of releasing Oil from SPR led a support to other commodities. Earlier, the strong USD after U.S President Joe Biden appointed Jerome Powell as FOMC Chief for second term & mounting number of Covid-19 cases in European nations dragged down the precious metals. As seen in the chart, the Gold almost tested the major Fibo level of 61.8 & almost reversed upside which signals for a buying bias if breaks Fibo level 50.0 on higher side.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1856.94000
R2 1825.94000
R1 1808.43000
Turnaround 1794.94000
S1 1777.43000
S2 1763.94000
S3 1732.94000
By Research Team Wednesday, Nov 24, 2021
US100

    • 2.25pm ISTD1
    • High16355
    • Low16266
    • Close16296

US100 is trading at 16298, 0.03% up since previous day close. The mixed bias can be seen in global markets as traders remain cautious ahead FOMC Meeting Minutes release due later on Wednesday. Earlier, the selling pressure built up in US100 after U.S President Joe Biden tapped Jerome Powell to continue as Fed Chair for second term; affirming the chances of sooner stimulus taper & tight monetary policy decision.   Also, the Oil rout over SPR release remained bearish factors for indices. The market will be looking forward to the U.S Jobless Claims data release today. As seen in the chart, the index contracted till MA (20) which acts as a major support for short term & hence, make or break situation may be seen further.

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Daily Outlook

US100

Intra Day
Near Day

Technical Levels

R3 16874.00000
R2 16574.00000
R1 16430.00000
Turnaround 16274.00000
S1 16130.00000
S2 15974.00000
S3 15674.00000
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