OctaFX | OctaFX Forex Broker
Open trading account

DAX added 0.24% to 10,766.21,+25.32 points

  • European markets were making a come back on Wednesday ahead of the anticipated FOMC with hopes the central bank offer some dovish salve to volatile markets.
  • In Frankfurt, the DAX added 0.24% to 10,766.21,+25.32 points.

The Federal Reserve is widely expected to hike rates, there is still a 30% chance that the Fed will hold off, and many have been calling for them to do so, including President Donald Trump who again urged the Fed Tuesday to hold off on hiking rates. Closer to home, Italy said it reached a budget-deficit deal with the European Union late Tuesday, a deal that the union reportedly confirmed Wednesday. The agreement would let the Italian government sidestep any disciplinary measures by the EU which added to positive sentiment and trade optimism after Treasury Secretary Steven Mnuchin said the U.S. and China will meet in January to try to broker a cease-in the ongoing trade dispute, in an interview with Bloomberg on Tuesday.

Best and worst

The leaders in the index were Fresenius SE & Co KGAA O.N. climbing by 4.17% or 1.710 points to close at 42.710. Meanwhile, Wirecard AG put on 2.64% or 3.500 points to close at 135.950 and Deutsche Boerse AG climbed 1.99% or 2.050 points to 104.850. The worst performers were Deutsche Post AG NA O.N., falling 4.16% or 1.050 points to trade at 24.220 while Bayer AG NA fell 2.81% or 1.78 points to end at 61.63. Deutsche Bank AG NA O.N. dropped 1.49% or 0.114 points to 7.530.

DAX levels

  • Support levels: 10676 10605 10522
  • Resistance levels: 10831 10914 10958

The DAX remains consolidating on the weekly sticks after that steep drop at the end of the month from the 11500's with indecisive price action at this juncture, submerged by bearish moving averages. The technical indicators remain horizontal within this bearish territory. MACD is less bearish on the daily and 4hr outlook as price oscillates around the pivot of 10787, albeit upside attempts remain capped by the recent Dec forming descending channel's resistance leaving little scope for a test of R1 at this juncture until breached.


GBP/USD trades near mid-1.26s as markets get ready for Fed

After dropping toward the 1.26 handle in the early NA session, the GBP/USD pair took advantage of the USD weakness and retraced its daily losses to tu
Read more Previous

Fed press conference: Jerome Powell speech - Live Stream - Dec. 19

Jerome Powell, Chairman of the Federal Reserve System, will be delivering his remarks on the monetary policy outlook at a press conference following t
Read more Next
Start livechat