Intraday Analysis – USD Retains Edge

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090436/Intraday-5.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090436/Intraday-5.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090436/Intraday-5-300×172.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/2023/09/05090049/usdchf-2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-207510" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090049/usdchf-2.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090049/usdchf-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090049/usdchf-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090049/usdchf-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090049/usdchf-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Swiss franc edged lower after GDP growth flatlined in the second quarter. On the daily chart, the price has been inching up along the 20-day SMA following a bullish MA cross. This is a sign that sentiment has improved in spite of a momentary hiccup below 0.8760 that has shaken out the weaker hands. A close back above 0.8860 may have opened the door to the starting point of the July liquidation at 0.8990 with <strong>0.8910</strong> as an intermediate target. <strong>0.8800</strong> at the base of the latest breakout is the first support.</p>
<h2>XAUUSD consolidates gains</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090350/xauusd-3.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-207511" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090350/xauusd-3.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090350/xauusd-3.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090350/xauusd-3-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090350/xauusd-3-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090350/xauusd-3-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Bullion drifts lower as the hope of more policy stimulus in China lifts risk appetite. The precious metal is still in a recovery mode and slowly grinding a layer of resistance levels between 1945 and 1985. The sell side has become more defensive but may not have said their last word. <strong>1955 </strong>is a key obstacle and its breach would expose this summer’s top of 1985. However, an initial drop below 1939 reveals some profit-taking, and a bearish RSI divergence could lead to a consolidation phase. <strong>1922 </strong>is the closest support should this happen.</p>
<h2>US 30 tests supply zone</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090412/us30.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-207512" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090412/us30.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090412/us30.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090412/us30-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090412/us30-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/05090412/us30-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Dow Jones steadied after the unemployment rate showed an uptick in August. The price is capitalising on its bounce off the daily demand zone of 34040, suggesting that the market mood in the medium-term has turned upbeat again. The bulls have brought bids right under the previous consolidation zone around <strong>35200 </strong>and a successful breakout would put the bears’ last stronghold at 35650 under pressure. <strong>34500 </strong>at the base of the latest momentum is a fresh support with 34040 as a critical floor to keep the rebound intact.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/09/intraday-analysis-usd-retains-edge">Intraday Analysis &#8211; USD Retains Edge</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>