Intraday Analysis – USD holds ground

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085730/Intraday-15-1.png" 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/2023/08/14085730/Intraday-15-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085730/Intraday-15-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDCHF bounces higher</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085524/USDCHF-3.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206294 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085524/USDCHF-3.png" alt="Chart of USDCHF" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085524/USDCHF-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085524/USDCHF-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085524/USDCHF-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085524/USDCHF-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar finds support from an increase in producer prices in July. The pair has been looking to hold onto its gains after a jump above 0.8700, turning the latter into a tested support level. The upper band of the horizontal consolidation at <strong>0.8800</strong> coincides with the 30-day SMA, making it a strong cap to the greenback’s advance. However, a bullish breakout would pave the way for an extended recovery to 0.8900. On the downside, a fall below<strong> 0.8700</strong> would indicate weak buying interest and send the pair to 0.8600.</p>
<h2>EURGBP hits resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085554/EURGBP-1.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206295 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085554/EURGBP-1.png" alt="Chart of EURGBP" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085554/EURGBP-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085554/EURGBP-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085554/EURGBP-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085554/EURGBP-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The pound rallied after the GDP showed a surprise uptick in the second quarter. A jump above the previous high of 0.8650 shows buyers’ interest in keeping the euro’s edge after it spent three weeks in consolidation. 0.8680 right under the July peak would be the last obstacle and its breach may put the euro back on the rebound trajectory in the next few days. In the meantime, the pair needs to consolidate its gains above the major floor of <strong>0.8590</strong> to keep the upward impetus intact. <strong>0.8640</strong> is a fresh hurdle to lift in case of a bounce.</p>
<h2>GER 40 struggles for support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085627/DE40-3.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206296 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085627/DE40-3.png" alt="Chart of DE40" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085627/DE40-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085627/DE40-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085627/DE40-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/14085627/DE40-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Dax 40 retreats as stubborn global prices dampen markets’ enthusiasm. The index is trying to bottom out with a bullish RSI divergence indicating a slowdown in the sell-off momentum. Even though buying has reemerged around 15720 with an attempt above the psychological tag of 16000, reclaiming the swing high of <strong>16050 </strong>is imperative to attract those who are still on the sidelines. Otherwise, a drop below <strong>15720 </strong>would signal lingering weakness and the bears may double down and send the index to July’s low of 15000.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/08/intraday-analysis-usd-holds-ground">Intraday Analysis – USD holds ground</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>