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Indices Surges Higher Amid U.S Fed Left Interest Rate Unchanged & Hinted a Dovish Stance

By Research Team Thursday, Nov 2, 2023
USD/CHF

    • 12.02pmd1
    • High0.9059
    • Low0.90244
    • Close0.90403

USD/CHF is trading at 0.90429, 0.12% up since previous day close. The Swiss Franc strengthened against the soft USD post FOMC meeting wherein an interest rate was left unchanged at a range of 5.25% to 5.50% & showed a dovish stance in future course of time. On data front, the Manufacturing PMI dropped to 40.6 from 44.9 in the previous month while the Retail Sales fell by 0.6% against the expected fall of 1.2%. Ongoing tension between Israel & Hamas may remain supportive for safe haven currencies like YEN & CHF. As seen in the chart, the pair retraced down till Fibo level 38.2 which acts as major support level & hence, the cautious trading may be recommended for the day.

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Daily Outlook

USD/CHF

Intra Day
Near Day

Technical Levels

R3 0.92344
R2 0.91467
R1 0.90935
Turnaround 0.90590
S1 0.90058
S2 0.89713
S3 0.88836
By Research Team Thursday, Nov 2, 2023
US30

    • 12.18pmw1
    • High33403
    • Low33342
    • Close33361

US30 is trading at 33349, 0.13% up since previous day close. A strong rebound can be seen in U.S markets post FOMC meet wherein the Fed Chair Powell left an interest rate steady & showed a pause for rate hike amid rising U.S bond yields. The better-than-expected corporate earnings further cushioned the index US30. The U.S ISM Manufacturing PMI fell to 46.7 from 49.0 in the previous month & the JOLTS Job Openings rose to 9.55M against the expectation 9.34M. Upcoming event of U.S NFP data & ADP Employment data release event which are to be held on Friday & today respectively will remain in focus. As seen in the chart, the index seems to be taking a support of lower trend-line & previous lows & hence, buying on dips may be recommended for the day in US30.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 34117.00000
R2 33690.00000
R1 33537.00000
Turnaround 33263.00000
S1 33110.00000
S2 32836.00000
S3 32406.00000
By Research Team Thursday, Nov 2, 2023
OIL

    • 12.35pmd1
    • High81.52
    • Low80.83
    • Close81.33

WTI Oil is trading at $81.30, 0.06% up since previous day close. The slight buying pressure can be seen in Oil prices after U.S Fed hinted for dovish stance further; which subdued the USD & cushioned the dollar-denominated commodities like WTI Oil. On Wednesday, the U.S EIA report showed a rise in Oil inventory level by 0.8 mbpd which further cushioned the prices. Escalating tension between Hamas & Israel & Iran’s plan to stop supply food & oil to Israel may affect overall Oil supplies & hence, remains supportive for the prices. As seen in the chart, although the Oil prices crossed down the MA (100) yet it is still hovering near Fibo level 50.0. The cautious trading may be recommended for the day in WTI Oil.

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Daily Outlook

OIL

Intra Day
Near Day

Technical Levels

R3 87.74000
R2 84.63000
R1 82.77000
Turnaround 81.52000
S1 79.66000
S2 78.41000
S3 75.30000
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