USD/CHF is trading at 0.87688, 0.26% down since previous day close. The mixed US Dollar ahead of the release of U.S key Non-farm Payroll data later in this week remains suppressive for other basket of currencies. Globally, the Fitch’s decision of downgrading the U.S economy emerged negative sentiments amongst the traders & hence, led selling pressure in safe haven currencies. On data front, the SECO Consumer Climate fell to 27 from 30 & the Manufacturing PMI contracted to 38.5 from 44.9 in the previous month. The result of CPI data will remain into focus for the day. As seen in the chart, the pair USD/CHF is expected to test MA (100) & hence, slight selling may be recommended in CHF against the USD.

GER30 is trading at 16072.3, 0.13% down since previous close. The European shares seems to be trading flat to lower side in early trade on Thursday against the strong USD amid upbeat U.S ADP Employment Change figures released in the previous session. On Tuesday, the Fitch downgraded the U.S economy’s credit rating from AAA to AA+ with a concern over rising fiscal deficit which turned out to be suppressive for global indices. Last week, the ECB hiked interest rate by 25bps as expected & hinted for monetary tightening if required further. The result of U.S Non-farm Payroll data will remain vital for the indices. As seen in the chart, the GER30 slid down below short-term MA (10) & MA (20) which signals for slight selling bias on the daily basis.

Gold is trading at $1935.76, 0.27% down since previous close. The downward momentum seems to be extended in gold on Thursday against the strong USD after U.S issued better than expected ADP Employment Change data in the previous session. Also, the traders remain cautious ahead of the release of U.S Non-farm Payroll data event which is due later in this week. Globally, the Fitch downgraded the U.S economy from AAA to AA+ on account of economic slowdown which dragged down the commodities. The market will be looking forward to the result of U.S Jobless Claims data today. As seen in the chart, the Gold is trading near Fibo level 23.6 & hence, either side breakout can be suggested.