Intraday Analysis – CHF gives up gains

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081734/Intraday-8.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/2023/06/23081734/Intraday-8.webp 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081734/Intraday-8-300×172.webp 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDCHF bounces back</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081301/USDCHF-3.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-203957 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081301/USDCHF-3.png" alt="Chart of USDCHF" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081301/USDCHF-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081301/USDCHF-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081301/USDCHF-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081301/USDCHF-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Swiss franc softened as the SNB disappointed with a mere 25 basis point rate hike. A previous rebound came under pressure in the supply zone of <strong>0.9000</strong>, which was a sign of a lingering downbeat mood as sellers were eager to fade the rally. The bulls will need to clear this psychological hurdle then 0.9070 before a recovery could materialise. <strong>0.8900 </strong>is a fresh support and its breach would invalidate the rebound and send the pair to the May lows around 0.8830, confirming a bearish MA cross on the daily chart in the process.</p>
<h2>EURJPY seeks support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081336/EURJPY.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-203958 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081336/EURJPY.png" alt="Chart of EURJPY" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081336/EURJPY.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081336/EURJPY-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081336/EURJPY-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081336/EURJPY-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Japanese yen recouped some losses after May’s CPI beat expectations. The bulls have doubled down after pushing above the previous peak of 155.30, resuming the uptrend with <strong>157.00</strong> as the next milestone ahead. The RSI’s new top in the overbought zone may lead to a temporary pullback, which is likely to meet interest from trend followers. <strong>155.70</strong> is the first support level should the bulls start to take some chips off the table, and 155.00 at the base of the current leg of rally would be a key level to maintain the momentum.</p>
<h2>US 500 grinds support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081404/US500-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-203959 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081404/US500-2.png" alt="Chart of US500" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081404/US500-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081404/US500-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081404/US500-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/23081404/US500-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The S&amp;P 500 struggles as Fed Chair Powell defends his hawkish stance on the second day of his testimony. The index is pulling back from its 14-month peak of 4440 and is testing <strong>4350 </strong>with the daily RSI dropping back into the neutral area. A bearish breakout would force leveraged long positions to liquidate and cause a correction to 4300 which coincides with the 30-day SMA. Medium-term sentiment remains upbeat and the bulls would be looking for a stable entry point. A close back above <strong>4400 </strong>could put the index back on track.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/06/intraday-analysis-chf-gives-up-gains">Intraday Analysis – CHF gives up gains</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>