Intraday Analysis – DAX gives up gains

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082041/Intraday-29.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="DAX gives up gains" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082041/Intraday-29.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082041/Intraday-29-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDCHF struggles for support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082748/USDCHF-CHART-4.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-209514" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082748/USDCHF-CHART-4.png" alt="USDCHF-CHART 16-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082748/USDCHF-CHART-4.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082748/USDCHF-CHART-4-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082748/USDCHF-CHART-4-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082748/USDCHF-CHART-4-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Swiss franc rallied after a slower decline in producer and import prices suggested inflation pressure. The pair has been trying to stabilise above 0.8990 at the base of a bullish breakout candle in late September. A jump above the first resistance level of 0.9070 has led some sellers to trim their bets, but the previous support of 0.9120 remains a major hurdle to lift before a rebound could gain greater momentum. A fall below 0.8990 would force the latest buyers to bail out and trigger a sell-off to a 4-week low at 0.8900.</p>
<h2>XAGUSD tests resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082827/XAGUSD-CHART-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-209515 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082827/XAGUSD-CHART-2.png" alt="XAGUSD CHART 16-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082827/XAGUSD-CHART-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082827/XAGUSD-CHART-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082827/XAGUSD-CHART-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082827/XAGUSD-CHART-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The intensifying conflict in Gaza fuels inflows into precious metals. Silver has jumped back from its 7-month low and into the former daily support formed by a triple bottom around 22.60. Renewed selling could be expected in this key supply area as the bears may look to fade the rebound. 22.00 is the immediate support and a U-turn below it would signal that the path of least resistance is still down, exposing the recent low of 20.70. A meaningful recovery would only materialise if the bulls manage to push past the spike at 23.50.</p>
<h2>GER 40 lacks follow-through buying</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082855/GER-40-CHART-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-209516 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082855/GER-40-CHART-2.png" alt="GER 40 CHART 16-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082855/GER-40-CHART-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082855/GER-40-CHART-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082855/GER-40-CHART-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/16082855/GER-40-CHART-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Dax 40 stalled as fighting in the Middle East rattles risk aversion across global markets. While a close above the previous swing high and round number of 15500 has given buyers some breathing room, they have struggled to follow through and show their commitment. A pullback below 15360 has led intraday buyers to close their positions, leaving 15040 as a critical floor to keep the momentum going as its breach could send the index to its 7-month low of 14500. 15400 is the first resistance to clear when bids return.</p>
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