Intraday Analysis – USD struggles to recover

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081830/Intraday-1.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/2023/07/04081830/Intraday-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081830/Intraday-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDCHF attempts to bounce</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081508/USDCHF.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204359 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081508/USDCHF.png" alt="Chart of USDCHF" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081508/USDCHF.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081508/USDCHF-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081508/USDCHF-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081508/USDCHF-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar slipped after soft ISM manufacturing data in June. Following a pop above the psychological level of 0.9000, a brief pullback was contained at <strong>0.8940</strong>, a key demand zone near a series of recent lows. A break above <strong>0.9015</strong> on the 30-day SMA would signal that the bulls have regained control of the price action and open the door to 0.9110 right under the May peak (0.9140), a last step before a broader recovery in the medium-term. On the downside, 0.8900 is critical in keeping the rebound mode intact.</p>
<h2>GBPUSD tests resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081549/GBPUSD-1.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204360 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081549/GBPUSD-1.png" alt="Chart of GBPUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081549/GBPUSD-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081549/GBPUSD-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081549/GBPUSD-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081549/GBPUSD-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Cable finds some support as expectations for UK peak rates exceed 6%. The latest retracement has met bids in the congestion area formed by the daily resistance–turned-support of <strong>1.2600</strong> and the 30-day SMA. A bullish RSI divergence indicates a slowdown in the sell-off momentum and may attract more long interests in this key demand zone. <strong>1.2760</strong> is the first hurdle and its breach would make the pair retest the recent high of 1.2850. Otherwise, a fall below 1.2600 would trigger a new round of sell-off towards 1.2500.</p>
<h2>GER 40 probes support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081620/DE40.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204361 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081620/DE40.png" alt="Chart of DE40" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081620/DE40.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081620/DE40-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081620/DE40-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/04081620/DE40-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Dax 40 softened over a contraction in the region’s manufacturing activity last month. The price action continues to capitalise on its break above the psychological level of 16000. The support-turned-resistance of <strong>16290</strong> at the start of the mid-June correction could be sellers’ last stronghold as its breach would signal a bullish continuation towards a new all-time high. As the RSI drops back into the neutral area, <strong>16000 </strong>near the base of the bullish breakout is the first level to expect follow-through bids while 15770 is a critical floor.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-usd-struggles-to-recover-3">Intraday Analysis – USD struggles to recover</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>