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Indices Trades Steady While Oil Slid Down Ahead of U.S Non-farm Payroll Data Release

By Research Team Friday, Oct 6, 2023
USD/CHF

    • 9.23amd1
    • High0.91357
    • Low0.91247
    • Close0.91332

USD/CHF is trading at 0.91298, 0.09% up since previous day close. The mixed trading can be seen in Swiss Franc against the steady USD ahead of the result of U.S Non-farm Payroll data which is to be issued today. Last week, the pair weakened as U.S Powell hinted for a rate hike by end of this year in order to control sticky inflation rate. On data front, the CPI rate in Swiss nation fell by 0.1% against the rise of 0.2% in the previous month & the Retail Sales dropped by 1.8% same as estimated.  The focus will be on Foreign Currency Reserves data which will be issued today. As seen in the chart, the pair seems to be retracing down from major resistance level & is now hovering near MA (10) & MA (20). Slight buying bias may be seen for the day in USD/CHF.

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Daily Outlook

USD/CHF

Intra Day
Near Day

Technical Levels

R3 0.92652
R2 0.92043
R1 0.91658
Turnaround 0.91434
S1 0.91049
S2 0.90820
S3 0.90216
By Research Team Friday, Oct 6, 2023
JAP225

    • 9.45amd1
    • High31154
    • Low30909
    • Close31076

JAP225 is trading at 31016.3, 0.19% up since previous close. The Japanese stocks rallied on Friday following an upside in other global markets as traders waits for the result of U.S Nonfarm Payroll data which is to be issued later today. On Wednesday, the U.S issued soft ADP Employment Change data which subdued the USD & U.S bond yields; making the equity markets stronger. Last week, the indices plunge down on an account of growing fear over U.S hawkish monetary stance wherein a rate hike is expected by end of this year. The Japan’s Average Cash Earnings grew by 1.1% same as previous figure. As seen in the chart, the index is trading near previous lows which acts as a major support level & hence, reversal phase may be noticed for the day.

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Daily Outlook

JAP225

Intra Day
Near Day

Technical Levels

R3 32194.00000
R2 31551.00000
R1 31271.00000
Turnaround 30908.00000
S1 30628.00000
S2 30265.00000
S3 29622.00000
By Research Team Friday, Oct 6, 2023
GOLD

    • 10.01amw1
    • High1824.55
    • Low1819.65
    • Close1824.5

Gold is trading at $1823.44, 0.04% up since previous close. The Gold seems to be trading in specific range since last two trading sessions as traders are looking forward to the result of U.S Non-farm Payroll data due today. The soft USD & sliding down U.S Treasury bond yields after U.S issued weaker than expected ADP Employment Change data on Wednesday turned out to be supportive for precious metals. Last week, the U.S Fed hinted for one more rate hike by end of this year in order to control the sticky inflation rate which made the precious metals weaker. A reversal phase may be noticed in gold if sustained the current support level & hence, the cautious trading may be suggested for the day.

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Daily Outlook

GOLD

Intra Day
Near Day

Technical Levels

R3 1853.19000
R2 1837.15000
R1 1829.22000
Turnaround 1821.11000
S1 1813.18000
S2 1805.07000
S3 1789.03000
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