USD/CHF is trading at 0.89198, 0.21% down since previous day close. The Swiss Franc seems to be trading on higher side against the steady USD after Fed Chair hinted for a hawkish stance in future course of time; however, the speech will be concluded today & hence, will remain vital. Last week, the Fed left an interest rate unchanged & hinted for two more rate hikes in this year which led to selling bias in CHF. The Swiss National Bank (SNB) is to hold its meeting today with a hope on rate hike of 25bps. As seen in the chart, the USD/CHF is trading near the Fibo level 61.8 which acts as a major support level. Further buying in CHF may be recommended for the day in USD.

INDIA50 is trading at 18878, 0.11% up since previous day close. The SGX Nifty is trading sideways at record high levels since last few sessions amid mixed global as well regional cues. The India’s cooling WPI & CPI rate & recent RBI’s dovish stance led buying pressure in INDIA50. However, the focus remains on ongoing U.S Fed Chair Powell’s testifying speech which is to be concluded on Thursday; however, the Fed hinted for more rate hikes in future in order to control the high inflation rate. Besides this, the PBoC cut down its Prime lending rate by 10bps much lower than the expected cut-down of 15bps, which weakened the market sentiments. As seen in the chart, the INDIA50 is trading near record-high levels indicating for an either side momentum.

WTI Oil is trading at $72.28, 0.07% up since previous day close. The Oil prices slightly moved up on Thursday post release of U.S American Petroleum Institute (API) report which showed a drop-down in Oil stocks level by 1.246 mbpd while the traders will be looking forward to the result of U.S Energy Information Administration (EIA) estimates today. Impending conclusion of U.S Fed Chair speech after hinting towards more rate hike stances on Wednesday led mixed momentum in Oil prices. On Tuesday, the China’s PBoC move of cutting down its Prime Lending Rate by 10 bps lower than expectation which led selling pressure in Oil prices since China is a top Oil consuming country. Slight buying may be seen for the day in WTI Oil.