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UBS Buys Credit Suisse & Global Financial Aids Led Buying in Safe Haven Instruments

By Research Team Monday, Mar 20, 2023
USD/JPY

    • 9.25amD1
    • High132.648
    • Low131.796
    • Close131.986

USD/JPY is trading at 132.038, 0.07% up since previous day close. The YEN strengthened against the USD as global outlook seems to be more positive after UBS agreed to buy Credit Suisse bank; adding on FOMC & other major Central banks efforts of providing stimulus aid to respective economies. Ructions in banking & financial system made the safe haven instruments like YEN & Gold more promising since last two weeks. Globally, the easing down U.S CPI rate & upbeat U.S labor figures can reduce the higher rate hike chances in Fed’s upcoming meet on Wednesday. As seen in the chart, the pair is strongly trading near Fibo level 61.8 which acts as major support level. Buying in YEN may be seen against the USD.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 136.37200
R2 134.34400
R1 133.08000
Turnaround 132.31600
S1 131.05200
S2 130.28000
S3 128.26000
By Research Team Monday, Mar 20, 2023
US30

    • 9.47amD1
    • High32307
    • Low32014
    • Close32031

US30 is trading at 32071.3, 0.08% down since previous close. The some sort of selling pressure can be witnessed in U.S markets on Monday after rallying on UBS news of buying the Credit Suisse Bank. However, the traders & investors remain cautious ahead of the two-day FOMC meeting which will show its monetary decision. On weekend, the FOMC & other major Central banks decided to provide financial assistance to economies in order to stabilize global growth; which has been impacted by ructions in banking system. The soaring down Oil prices & steady USD may turn bullish for equity markets later on. The sideways trading may be expected for the day in US30 since the index is strongly hovering near Fibo level 50.0 which acts as major support level.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 33462.00000
R2 32831.00000
R1 32454.00000
Turnaround 32200.00000
S1 31823.00000
S2 31569.00000
S3 30938.00000
By Research Team Monday, Mar 20, 2023
XAUUSD

    • 10.05amW1
    • High1978.54
    • Low1968.11
    • Close1973.5

Gold is trading at $1973.52, 0.32% up since previous close. The Gold prices sharply rallied on last working day of the past week amid global sentiments improved after UBS signed a deal with Credit Suisse to take-over the latter bank. Also, the liquidity assistance being to be provided by FOMC & other Central Banks led buying pressure in commodities. Last week the U.S banking crisis, easing down U.S inflation data, better NFP figures led chances of smaller interest rate hikes in Fed’s upcoming meeting. Strong buying on corrective dips may be recommended for the day in Gold since the commodity is expected to test the Fibo Expansion level of 61.8 i.e., $2015 if upside persists further.

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Daily Outlook

XAUUSD

Intra Day
Near Day

Technical Levels

R3 2102.16000
R2 2032.76000
R1 2008.38000
Turnaround 1963.90000
S1 1938.90000
S2 1893.60000
S3 1824.56000
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