Intraday Analysis – USD looks for support

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29080825/Intraday-16-1.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="USD looks for support" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29080825/Intraday-16-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29080825/Intraday-16-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDCHF retreats from 6-month high<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081800/USDCHF-chart-3.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-208688" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081800/USDCHF-chart-3.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081800/USDCHF-chart-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081800/USDCHF-chart-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081800/USDCHF-chart-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081800/USDCHF-chart-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The US dollar pulled back after economic growth in the second quarter stayed in line with estimates. The price soared to a 6-month high at 0.9220, suggesting that a bullish reversal could be in the making in the medium-term. In the meantime, the RSI’s repeatedly overbought condition indicates an overextension and a lack of a higher high in the indicator reveals a slowdown in the momentum. A fallback cannot be excluded if buyers start to take profit. 0.9120 would be the first support to gauge the strength of follow-up interests.</p>
<h2>NZDUSD tests resistance<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081826/NZDUSD-chart-4.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-208689" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081826/NZDUSD-chart-4.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081826/NZDUSD-chart-4.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081826/NZDUSD-chart-4-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081826/NZDUSD-chart-4-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081826/NZDUSD-chart-4-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The New Zealand dollar recovers as risk appetite repositions ahead of US PCE data. Despite a widespread cautious mood, the kiwi seems to have found a foothold in the demand zone around 0.5900. A tentative break above 0.5970 from the start of a limited sell-off could be the bears’ demise and a convincing breach would stir up momentum and propel the price past the recent spike of 0.6010, paving the way for a bullish reversal. 0.5960 is the first support in case of a consolidation as the RSI ventured into the overbought area.</p>
<h2>EURJPY bounces off support<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081850/EURJPY-chart-2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-208690" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081850/EURJPY-chart-2.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081850/EURJPY-chart-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081850/EURJPY-chart-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081850/EURJPY-chart-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/29081850/EURJPY-chart-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The yen softened after lower CPI in Tokyo might lessen the inflation burden on the BoJ’s shoulder. On the daily chart, the price is still trying to hold onto its gains after lifting 158.00 in August. The double bottom at 156.70 from a previous limited rebound is an important support to maintain the single currency’s edge. A bearish breakout could send it to 155.60 at the base of the August breakout rally, putting the price at the risk of a deeper correction. Only a close above 158.20 could resume the trajectory to the upside.</p>
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