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Oil Soars Down From Recent Highs Against Stronger US Dollar Index

By Research Team Wednesday, Jun 15, 2022
USD/CHF

    • 9.42amD1
    • High1.00059
    • Low0.9986
    • Close0.99965

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.

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Daily Outlook

USD/CHF

Intra Day
Near Day

Technical Levels

R3 1.02946
R2 1.01313
R1 1.00625
Turnaround 0.99680
S1 0.98995
S2 0.98047
S3 0.96414
By Research Team Wednesday, Jun 15, 2022
WTI OIL

    • 10.15amD1
    • High116.92
    • Low115.85
    • Close116.33

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.

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Daily Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 134.69000
R2 126.52000
R1 121.23000
Turnaround 118.35000
S1 113.06000
S2 110.18000
S3 102.01000
By Research Team Wednesday, Jun 15, 2022
GER30

    • 10.00amW1
    • High13395
    • Low13308
    • Close13369

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.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 14153.00000
R2 13766.00000
R1 13541.00000
Turnaround 13379.00000
S1 13154.00000
S2 12992.00000
S3 12605.00000
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