Intraday Analysis – USD grinds support

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14082934/Intraday-Analysis-–-USD-grinds-support.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday-Analysis-USD-grinds-support" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14082934/Intraday-Analysis-%E2%80%93-USD-grinds-support.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14082934/Intraday-Analysis-%E2%80%93-USD-grinds-support-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDCHF awaits breakout</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083834/USDCHF-CHART-14-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-211161" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083834/USDCHF-CHART-14-11-2023.png" alt="USDCHF-CHART-14-11-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083834/USDCHF-CHART-14-11-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083834/USDCHF-CHART-14-11-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083834/USDCHF-CHART-14-11-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083834/USDCHF-CHART-14-11-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar holds steady as traders brace for the October inflation reading. On the daily chart, the price seems to be in a triangle consolidation between 0.8900 and 0.9230. The narrowing range is a sign of momentary equilibrium and an eventual breakout would dictate the next directional move. 0.9070 is the nearest resistance and its breach would expose 0.9110, bringing the greenback close to a bullish continuation. On the downside, 0.8990 is a key support to avoid a prolonged correction.</p>
<h2>USOIL probes resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083903/USOIL-CHART-14-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-211163" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083903/USOIL-CHART-14-11-2023.png" alt="USOIL-CHART-14-11-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083903/USOIL-CHART-14-11-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083903/USOIL-CHART-14-11-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083903/USOIL-CHART-14-11-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083903/USOIL-CHART-14-11-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>WTI crude edged higher after OPEC’s latest report expressed optimism about fundamentals. 75.00 near the base of a breakout rally last summer has offered the buy side some respite with the RSI recovering into the neutral area. The demand-turned-supply zone around 79.50 is the first hurdle to lift to ease the bearish pressure. Further up, strong resistance could be expected near 82.00 which coincides with the 20-day SMA as sentiment remains cautious. Only its breach would force sellers out and lead to a sustained rebound.</p>
<h2>UK 100 attempts to bounce</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083934/UK-100-CHART-14-11-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-211164" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083934/UK-100-CHART-14-11-2023.png" alt="UK-100-CHART-14-11-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083934/UK-100-CHART-14-11-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083934/UK-100-CHART-14-11-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083934/UK-100-CHART-14-11-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/11/14083934/UK-100-CHART-14-11-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The FTSE 100 recoups losses as traders reposition ahead of jobs and inflation data. The bounce has met stiff selling pressure in the supply zone 7480-7530 as previously trapped buyers sought to exit with little losses. 7390 is the latest to keep the momentum intact as a bearish breakout would put at risk the quadruple bottom of 7260, leading to a potential bearish reversal in the medium-term. However, if the buy side manages to clear the said supply area, an extended rally could carry the index to the October peak of 7700.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/11/intraday-analysis-usd-grinds-support">Intraday Analysis – USD grinds support</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>