Intraday Analysis – USD holds steady

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083834/Intraday-11.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/2023/08/08083834/Intraday-11.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083834/Intraday-11-300×172.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/2023/08/08083412/USDCHF-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206034 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083412/USDCHF-2.png" alt="Chart of USDCHF" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083412/USDCHF-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083412/USDCHF-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083412/USDCHF-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083412/USDCHF-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar steadies as Fed officials commented that further rate increases are likely. The pair is still in a slow recovery, probing for resistance as sellers take some chips off the table. The bounce has hit resistance at<strong> 0.8800</strong> on the 30-day SMA, suggesting that sentiment remains cautious at best.<strong> 0.8670</strong> is the immediate support and 0.8560 a critical floor to keep the current rebound valid or risk a bearish continuation. On the upside, the former daily support of 0.8900 would be next in case of further bullish extension.</p>
<h2>XAGUSD tests major support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083524/XAGUSD-1.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206035 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083524/XAGUSD-1.png" alt="Chart of XAGUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083524/XAGUSD-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083524/XAGUSD-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083524/XAGUSD-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083524/XAGUSD-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Precious metals weaken as a tight US labour market pushes bond yields higher. Silver has fallen back to the base of July’s breakout rally and the round number of <strong>23.00</strong> and this could be the ultimate test of buyers’ resolve. A bearish breakout would expose June’s lows near 22.10, invalidating the summer rally. An oversold RSI has brought in some bids in this major demand zone. <strong>23.80</strong> is the first hurdle to clear should the bulls manage to make their way back and only a close above 24.40 would help attract more buying interests.</p>
<h2>GER 40 seeks support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083626/DE40-1.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-206036 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083626/DE40-1.png" alt="Chart of DE40" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083626/DE40-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083626/DE40-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083626/DE40-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/08/08083626/DE40-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Dax 40 consolidates ahead of inflation figures from Germany and the US this week. A drop below the psychological level of 16000 which coincides with a swing low and the 30-day SMA has put buyers in a bind. Volatility is a sign that short-term positions were forced to exit. The area between July’s low of 15450 and <strong>15700 </strong>is key in keeping the upward bias intact from the daily chart’s perspective, or its breach could trigger a prolonged correction. <strong>16050 </strong>is a fresh resistance and the bulls may only regain control once above 16200.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/08/intraday-analysis-usd-holds-steady">Intraday Analysis – USD holds steady</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>