USD/CHF is trading at 0.87370, 0.32% up since previous day close. The soft USD ahead of the Fed Chair Powell speech due today makes the safe haven currencies CHF & YEN stronger.  Earlier in this week, the Fed Governor Waller hinted for chances of interest rate cut in the year 2024 which turned out to be supportive for the pair USD/CHF. On data front, the Swiss nations’ Manufacturing PMI climbed to 42.1 much higher than previous figure of 40.6 which indicates further buying pressure in CHF. As seen in the chart, the pair is firmly trading below the Moving Averages & also, crossed down the Fibo level 100.0 which indicates further buying bias in CHF against the USD on an intraday basis.

GER30 is trading at 16339.3, 0.27% up since previous close. A strong upside can be seen in European shares amid positive global sentiments emerging out ahead of the FOMC Chair Powell speech due today; with a focus on monetary policy changes.  The U.S PCE Price Index & Jobless Claims data weigh down the USD & cushioned the equity markets. Besides this, the better Caixin PMI figures further pushed up the indices. The German Final Manufacturing PMI slightly rose to 42.6 from 42.3 in the previous month which remains supportive for GER30. As seen in the chart, the index GER30 is trading above the major Moving Averages which indicates further upward momentum & hence, buying on lower side may be suggested for the day.

WTI Oil is trading at $75.74, 0.04% down since previous day close. The Oil prices retreated amid voluntary OEPC+ oil output cut of 2.2 mbpd decision was announced in the latest meeting. Also, the result of U.S Baker Hughes report will remain in focus for the day. Earlier in this week, the price traded as higher level after the storm hits Black Sea region affecting the Oil supplies of almost 2 mbpd from Kazakhstan. The growing fear of tighter supplies from Russia & the weak USD makes the dollar denominated commodity like Crude Oil stronger. As seen in the chart, the Oil seems to be sustaining near previous lows which turns out to be make or break point on short term basis.