USD/CHF is trading at 0.99921, 0.21% down since previous day close. A massive selling pressure can be seen in riskier assets like Gold & Swiss Franc against the strong USD as market waits for an outcome of FOMC meeting which is to be concluded later today. The market expects a rate hike of 50bps in order to control inflation rate & global slowing economic growth. Besides this, the market remains cautious over forthcoming SNB meeting due on Thursday; wherein a no change in interest rate decision is expected. The result of country’s PPI & SECO Forecast will be monitored today. As seen in the chart, the pair reversed upside after testing the major Fibo level & hence, slight selling may be recommended in CHF against the USD.

WTI Oil is trading at $116.31, 0.24% down since previous day close. The Oil prices slid down post release of American Petroleum Institute (API) report which showed a rise in Oil stocks level by 0.73 mbpd against the expected fall of 1.20 mbpd. Also, the stronger USD ahead of FOMC meeting led selling in dollar denominated commodities like Crude Oil. Earlier, the prices rallied to $123 levels amid easing down of restrictions in few Chinese cities which may revive the demand of Oil from major consuming country. As seen in the chart, the Oil is trading near short term Moving Averages of MA (10) & MA (20) which signals for sideways momentum on daily basis.

GER30 is trading at 13370, 0.16% down since previous day close. The downward momentum can be seen in GER30 amid sell-off in U.S markets ahead of U.S FOMC meeting due to today with a hope of rate hike by 50 bps. Last week, the U.S showed a rise in CPI rate by 1.0% higher than expectation which intensifies the inflationary problem across the globe. The ECB’s move of winding up stimulus package & a hint over rate hike in next meeting led a selling bias in indices. Ongoing Russia-Ukraine conflict & resurging Covid-19 cases in China remains vital for indices. As seen in the chart, the index GER30 slid down to MA (200) which acts as a major support level & also, the RSI line is trading near lower level of 30. Wait & watch strategy may be recommended for the day.