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15 Jan 2015
DAX recovers after SNB surprise moves
FXStreet (Mumbai) - Germany’s benchmark index, the DAX, swung between gains and losses in an extremely volatile European session and recovered slightly after the Swiss National Bank (SNB) shook the markets in an unexpected move.
Currently, the DAX 30 traded at 9796 levels, down -0.20%, having dipped to fresh one-week lows of 9583.30 after the SNB action. The DAX tumbled to one-week lows as after the Swiss National Bank (SNB) surprisingly decided to abandon the currency peg and lowered its key interest rate to -0.75%. Prior to the news, the DAX gained nearly 1.5% on upbeat German GDP numbers.
The index is seen trading with a positive market breadth with an advance decline ratio of 19:11. Among major gainers, Beiersdorf AG, Continental AG and K+S AG climbed 1.42% to 4.98%. Among the major losers, Merck KGaA, Linde AG and RWE AG declined -0.74% to -1.08%.
DAX Technical Levels
The index has an immediate resistance at 9922 levels, above which gains could be extended to 9978.50 levels. Meanwhile, support is seen at 9700 levels and 9660 levels.
Currently, the DAX 30 traded at 9796 levels, down -0.20%, having dipped to fresh one-week lows of 9583.30 after the SNB action. The DAX tumbled to one-week lows as after the Swiss National Bank (SNB) surprisingly decided to abandon the currency peg and lowered its key interest rate to -0.75%. Prior to the news, the DAX gained nearly 1.5% on upbeat German GDP numbers.
The index is seen trading with a positive market breadth with an advance decline ratio of 19:11. Among major gainers, Beiersdorf AG, Continental AG and K+S AG climbed 1.42% to 4.98%. Among the major losers, Merck KGaA, Linde AG and RWE AG declined -0.74% to -1.08%.
DAX Technical Levels
The index has an immediate resistance at 9922 levels, above which gains could be extended to 9978.50 levels. Meanwhile, support is seen at 9700 levels and 9660 levels.