Intraday Analysis – USD struggles for fresh high

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10081606/Intraday-23.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="USD struggles for fresh high" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10081606/Intraday-23.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10081606/Intraday-23-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDJPY hits resistance<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082820/USDJPY-chart-1-1.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-209155 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082820/USDJPY-chart-1-1.png" alt="USDJPY chart. 10-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082820/USDJPY-chart-1-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082820/USDJPY-chart-1-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082820/USDJPY-chart-1-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082820/USDJPY-chart-1-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The US dollar retreats as traders put faith in a softer labour market after a higher jobless rate. The price has clawed back some of the losses from last week’s liquidation and a close above the immediate resistance of 149.30 suggests that the buy side is still trying to stay in the game. However, the psychological tag of 150.00 is a major obstacle to lift before the bulls could advance unhindered again. A fall below 148.30 along the dynamic support of the 20-day SMA would expose the long lower wick at 147.40 from the latest sell-off.</p>
<h2>EURGBP seeks support<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082843/EURGBP-chart-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-209156 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082843/EURGBP-chart-2.png" alt="EURGBP chart" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082843/EURGBP-chart-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082843/EURGBP-chart-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082843/EURGBP-chart-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082843/EURGBP-chart-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The euro softens as a jump in Italy’s yield spreads raise the fragmentation risk amid renewed debt fears. The pair is still consolidating its gains in the vicinity of the 20-day SMA and above the key support of 0.8630. A bearish breakout could force buyers to bail out and trigger a liquidation towards 0.8570, putting the September rally at risk. On the upside, offers around 0.8670 would be the first to go before a bounce could catch attention. A close back above the recent peak of 0.8700 would resume the climb towards 0.8800.</p>
<h2>GER 40 grinds demand area<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082901/GER-40-chart.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-209157 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082901/GER-40-chart.png" alt="GER 40 chart 10-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082901/GER-40-chart.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082901/GER-40-chart-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082901/GER-40-chart-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082901/GER-40-chart-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The Dax 40 struggles over geopolitical complications in the Middle East. The index is still trying to hold onto the demand zone 14900-15000 as a drop below this critical daily chart level could shift sentiment to the pessimistic side in the medium-term and trigger a deeper correction to a 9-month low at 14400. A former brief support at 15320 is the first obstacle to clear to ease the downward pressure. Only a rally above the major support-turned-resistance of 15550 from the daily chart could initiate a meaningful bounce.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/10/intraday-analysis-usd-struggles-for-fresh-high">Intraday Analysis – USD struggles for fresh high</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>