fbpx

Register for MT4 Demo Account

Register for xStation Account

Oil Soars Down Amid Voluntary OPEC+ Output-Cut Plan, Indices Surges High & Awaiting for U.S Fed Powell Speech

By Research Team Friday, Dec 1, 2023
USD/CHF

    • 2.04pmd1
    • High0.87505
    • Low0.87312
    • Close0.87334

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.

Read More… Read Less

Daily Outlook

USD/CHF

Intra Day
Near Day

Technical Levels

R3 0.89069
R2 0.88203
R1 0.87838
Turnaround 0.87337
S1 0.86972
S2 0.86471
S3 0.85605
By Research Team Friday, Dec 1, 2023
GER30

    • 2.23pmd1
    • High16385
    • Low16266
    • Close16377

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.

Read More… Read Less

Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 16450.00000
R2 16353.00000
R1 16317.00000
Turnaround 16256.00000
S1 16220.00000
S2 16159.00000
S3 16062.00000
By Research Team Friday, Dec 1, 2023
OIL

    • 2.45pmd1
    • High76.33
    • Low75.34
    • Close75.7

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.

Read More… Read Less

Daily Outlook

OIL

Intra Day
Near Day

Technical Levels

R3 85.86000
R2 81.31000
R1 78.50000
Turnaround 76.76000
S1 73.95000
S2 72.21000
S3 67.66000
footer-logo

XFlow Markets provides an entirely transparent access to the FOREX Market through two powerful trading platforms (XFLOW & MT4) with excellent execution speed, a 24/5 client support system with no dealing desk involvement.

 

© 2023 XFlow Markets, All rights reserved.

Risk Warning: Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances.

You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks.

 

XFlow Markets INC is incorporated in Saint Lucia with registration no. 2023/C088 governed by the Companies Act, Cap 13.01 of the revised laws of Saint Lucia.

XFlow Markets does not offer Contracts for Difference to residents of certain jurisdictions including the Belgium, Iran, Canada, North Korea, the USA, Cuba, Syria and FATF Black Listed Countries.

Telephone number: UK: +44 20 38355241 | Dubai: +971 54 339 3959 Working hours: 7:00 AM - 5:00 PM (GMT+0)

XFlow Markets does not offer any fixed returns & guaranteed profits. Forex and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Your capital is at risk. Please consider our Risk Disclosure.

XFlow Markets does not guarantee any returns or profits. Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.