Intraday Analysis – USD Pushes the Boundary

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085648/Intraday-Analysis-USD-Market-Trends-in-GBPUSD-USDCHF-and-NAS-100-charts-post-NFP-data.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday-Analysis-USD-Market-Trends-in-GBPUSD-USDCHF-and-NAS-100-charts-post-NFP-data" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085648/Intraday-Analysis-USD-Market-Trends-in-GBPUSD-USDCHF-and-NAS-100-charts-post-NFP-data.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085648/Intraday-Analysis-USD-Market-Trends-in-GBPUSD-USDCHF-and-NAS-100-charts-post-NFP-data-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>GBPUSD breaks support<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085237/GBPUSD-chart-6-2-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-216927 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085237/GBPUSD-chart-6-2-2024.png" alt="GBPUSD breaks support, showing a decline in the pound after NFP data, affecting USD.&quot;" width="1397" height="816" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085237/GBPUSD-chart-6-2-2024.png 1397w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085237/GBPUSD-chart-6-2-2024-300×175.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085237/GBPUSD-chart-6-2-2024-1024×598.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085237/GBPUSD-chart-6-2-2024-768×449.png 768w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085237/GBPUSD-chart-6-2-2024-357×210.png 357w" sizes="(max-width: 1397px) 100vw, 1397px" /></a></h2>
<p>The pound fell through the floor as NFP data saw a strong move for the USD. The near-term outlook supports the recovery theme after the pair bounced back towards 1.26. The recent 200 pip drop could look for signs of retracement if a close above 1.2580 can be confirmed. On the hourly chart, a break below 1.2540 would lead to 1.25, which could see some slight support at December’s lows.</p>
<h2>USDCHF seeks swing high<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085305/USDCHF-chart-6-2-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-216928 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085305/USDCHF-chart-6-2-2024.png" alt="USDCHF seeks swing high, rebounding after non-farm data, with resistance around 0.8700" width="1397" height="816" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085305/USDCHF-chart-6-2-2024.png 1397w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085305/USDCHF-chart-6-2-2024-300×175.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085305/USDCHF-chart-6-2-2024-1024×598.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085305/USDCHF-chart-6-2-2024-768×449.png 768w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085305/USDCHF-chart-6-2-2024-357×210.png 357w" sizes="(max-width: 1397px) 100vw, 1397px" /></a></h2>
<p>The USD recouped its losses following the non-farm data. On the daily chart, the 20 SMA acted as solid support, and the consolidation area around 0.8700 could see firm resistance should double-top formation appear. The short-term price action led to a bounce as the RSI dipped in the oversold area, prompting profit taking. 0.8730 is the first hurdle ahead, with 0.8820 seeing a limited push. A fall back below 0.8640 would expose the psychological level of 0.8500.</p>
<h2>NAS 100 looks for another record<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085325/NDQ100-6-2-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-216929 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085325/NDQ100-6-2-2024.png" alt="NAS 100 looks for another record, indicating a rally despite concerns over USD stimulus" width="1397" height="816" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085325/NDQ100-6-2-2024.png 1397w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085325/NDQ100-6-2-2024-300×175.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085325/NDQ100-6-2-2024-1024×598.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085325/NDQ100-6-2-2024-768×449.png 768w, https://assets.iorbex.com/blog/wp-content/uploads/2024/02/06085325/NDQ100-6-2-2024-357×210.png 357w" sizes="(max-width: 1397px) 100vw, 1397px" /></a></h2>
<p>The Nasdaq 100 rallies as investors keep going risk-on. The rally took a step back on Friday after strong job numbers in the US led to fears that no further stimulus would be injected into the economy. The RSI’s fall could open a bearish divergence, leading to a move back to 17000. 17250 at the base of the latest rally sits on the trend line, making it a critical floor. Otherwise, it’s another record high for the index.</p>
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<p>The post <a href="https://www.orbex.com/blog/en/2024/02/intraday-analysis-usd-pushes-the-boundary">Intraday Analysis – USD Pushes the Boundary</a> appeared first on <a href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>