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Range Bound Indices, Correction in Precious Metals & Awaiting for U.S Jobs Data

By Research Team Thursday, Mar 14, 2019
FOREX

USD/CHF Outlook

    • 3.25pm ISTD1
    • High1.0045
    • Low1.00276
    • Close1.00426

USD/CHF is trading at 1.00442 making a day-high of 1.00450 & day-low of 1.00276. The Swiss Franc slightly weakened on Thursday due to selling in safe haven instruments on account of U.K Parliament’s expected move of rejecting a Brexit with no-deal plan on late Wednesday. Last week, the Swiss nations’ CPI rate rose by 0.4% from -0.3% in the previous month indicating an improvement in inflation level in an economy.  The Foreign Currency Reserves fell to 739B from 742B in the prior month whereas an Unemployment Rate remained steady at 2.4%. The result of PPI rate will remain into concern for the day. The Swiss Franc is expected to trade slightly weaker against the USD for the day.

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Evening Outlook

USD/CHF

Intra Day
Near Day

Technical Levels

R3 1.01660
R2 1.01060
R1 1.00671
Turnaround 1.00460
S1 1.00074
S2 0.99860
S3 0.99260
By Research Team Thursday, Mar 14, 2019
COMMODITY

WTI OIL Outlook

    • 3.42pm ISTD1
    • High58.75
    • Low58.56000
    • Close58.69

WTI Oil is trading at $58.67 making a day-high of $58.75 & a day-low of $58.56. A strong upside can be seen in Oil prices after Energy Information Administration (EIA) report showed a fall in Oil inventory level by 3.9 million barrels per day against the previous rise of 7.1 million barrels per day. Earlier, the API estimates showed a drop-down in Oil stocks level by 2.58 million barrels per day as against the previous week’s figure of 7.29 million barrels per day rise. The Saudi Arabia showed a cut-down in its Oil output & supplies level for the month of April & the U.S sanction on Venezuela turned positive for prices. As seen in the chart, the Oil crossed major resistance level & hence, strong buying may be seen for the day.

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Evening Outlook

WTI Oil

Intra Day
Near Day

Technical Levels

R3 61.17000
R2 59.70000
R1 59.17000
Turnaround 58.25000
S1 57.71000
S2 56.79000
S3 55.33000
By Research Team Thursday, Mar 14, 2019
INDICES

UK100 Outlook

    • 3.58pm ISTD1
    • High7071
    • Low7054.00000
    • Close7063

UK100 is trading at 7069 making a day-high of 7071 & a day low of 7054. The selling pressure continued to be seen in UK100 after U.K Parliament rejected another Prime Minister Theressa May’s plan of Brexit with no-deal on late Wednesday as expected. However, a vote towards will be held on Thursday on whether to delay the Brexit date which is to be held on March 29, 2019. The strong outcome of U.K GDP & Manufacturing Production data cushioned UK100 earlier. The U.K is to release its Consumer Inflation Expectations data on Friday which will remain crucial for the day. As seen in the chart, the UK100 is trading below the Moving Averages & hence, slight selling may be recommended for the day.

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Evening Outlook

UK100

Intra Day
Near Day

Technical Levels

R3 7304.00000
R2 7218.00000
R1 7187.00000
Turnaround 7132.00000
S1 7101.00000
S2 7046.00000
S3 6960.00000