Intraday Analysis – USD continues to struggle

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080210/Intraday-5.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday Analysis" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080210/Intraday-5.webp 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080210/Intraday-5-300×172.webp 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>EURUSD keeps high ground</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080018/EURUSD-1-1.webp"><img decoding="async" loading="lazy" class="aligncenter wp-image-204923 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080018/EURUSD-1-1.webp" alt="Chart of EURUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080018/EURUSD-1-1.webp 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080018/EURUSD-1-1-300×157.webp 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080018/EURUSD-1-1-1024×535.webp 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080018/EURUSD-1-1-768×401.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar stays under pressure as traders adjust to the end of the Fed’s hike cycle. The euro has its way unobstructed after it broke above May’s peak of 1.1080. The pair has reached a near 17-month high at <strong>1.1250</strong> and the RSI’s repeatedly overbought condition may cause some profit-taking, temporarily driving the quote lower. As sentiment is overwhelmingly bullish, trend followers would look to jump in at the next pullback. <strong>1.1130</strong> is the first support and 1.0980 on the 20-day SMA a key level to keep momentum intact.</p>
<h2>XAGUSD consolidates gains</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080043/XAGUSD.webp"><img decoding="async" loading="lazy" class="aligncenter wp-image-204924 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080043/XAGUSD.webp" alt="chart of xagusd" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080043/XAGUSD.webp 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080043/XAGUSD-300×157.webp 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080043/XAGUSD-1024×535.webp 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080043/XAGUSD-768×401.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Silver jumps as a weaker US dollar boosts demand for precious metals. A surge above June’s high of 24.50 is a sign of a strong buying pressure, carrying the price to the psychological level of 25.00 which coincides with a former support from a sell-off back in mid-May. The bulls may need to catch their breath after the RSI shot again into the overbought zone. <strong>24.20</strong> is the first level to expect follow-up bids. A close back above <strong>25.00 </strong>would flush out the remaining selling interests and open the door to this year’s high of 26.00.</p>
<h2>GER 40 hits resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080144/DE40.webp"><img decoding="async" loading="lazy" class="aligncenter wp-image-204925 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080144/DE40.webp" alt="Chart of DE40" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080144/DE40.webp 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080144/DE40-300×157.webp 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080144/DE40-1024×535.webp 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/17080144/DE40-768×401.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Dax 40 consolidates gains as risk appetite grows amid easing US inflation. The price has clawed back the losses from earlier this month and is testing the daily resistance of <strong>16200</strong>. A bullish breakout would put the bulls back in the driver’s seat and send the index to its recent all-time high of 16420, paving the way for a bullish continuation in the medium-term. The round number of <strong>16000 </strong>is the closest level to see if there are enough buyers to cause a rebound. Further down, 15800 would be a second level of support.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-usd-continues-to-struggle">Intraday Analysis &#8211; USD continues to struggle</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>