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Expected Fed Less Hawkish Move While Lower U.S GDP Forecast Creates Mixed Trading in Equities

By Research Team Thursday, Mar 23, 2023
USD/CHF

    • 9.32amd1
    • High0.9173
    • Low0.91448
    • Close0.9156

USD/CHF is trading at 0.91547, 0.26% up since previous day close. The Swiss Franc gained momentum against the seven months lows US Dollar Index 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. In addition to this, the U.S Treasury Secretary Janet Yellen hasn’t considered or discussed blanket insurance for deposits with Signature & SVB banks. This further weakened the USD creating more fear over banking crisis. Regionally, the Swiss National Bank (SNB) is to reveal its monetary decision today with a hope of 50bps hike in LIBOR rate. 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 0.93841
R2 0.92852
R1 0.92258
Turnaround 0.91863
S1 0.91269
S2 0.90874
S3 0.89885
By Research Team Thursday, Mar 23, 2023
GER30

    • 9.55amd1
    • High15343
    • Low15255
    • Close15330

GER30 is trading at 15327, 0.09% up since previous day close. The major European shares showed a positive momentum on Wednesday after Fed hiked an interest rate by 25bps leading to 5.00% from 4.75% but hinted for further more rate hikes in order to control down inflation rate. However, the gain parred into some losses after U.S Treasury Secretary Janet Yellen’s non-discussion over blanket insurance for deposits in SVB bank & also, the GDP forecast has been lowered down for the current fiscal year. The traders will be focusing on PMI figures on Friday which will remain vital for GER30. As seen in the chart, the index successfully crossed over short-term Moving Averages & hence, buying on dips may be recommended for the day in GER30.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 15793.00000
R2 15557.00000
R1 15415.00000
Turnaround 15321.00000
S1 15179.00000
S2 15085.00000
S3 14849.00000
By Research Team Thursday, Mar 23, 2023
OIL

    • 10.18amd1
    • High70.44
    • Low69.89
    • Close70.16

WTI Oil is trading at $70.13, 0.08% up since previous day close. The Oil prices inches up on Thursday after OPEC+ may stick to their earlier Oil output cuts level in the month of April which was set at 2 barrels per day. On Wednesday, the U.S Energy Information Administration (EIA) showed a build-up in Oil inventory levels by 1.1 mbpd against the expectation of -1.7 mbpd. On global front, the soft USD as FOMC hiked an interest rate by 25bps as expected & hinted for more rate hikes in the future led dollar denominated commodities like Crude Oil to trade on higher side. As seen in the chart, the Oil is trading near MA (10) which acts as major support level & hence, buying on lower side may be recommended for the day.

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Daily Outlook

OIL

Intra Day
Near Day

Technical Levels

R3 74.94000
R2 72.51000
R1 71.28000
Turnaround 70.08000
S1 68.85000
S2 67.65000
S3 65.20000
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