Market Analysis – USD Awaits Catalyst

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080433/Intraday-3.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/2023/09/01080433/Intraday-3.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080433/Intraday-3-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDCHF bounces back</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080132/usdchf.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-207388" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080132/usdchf.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080132/usdchf.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080132/usdchf-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080132/usdchf-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080132/usdchf-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The US dollar clawed back losses after an uptick in July’s PCE. The pair came under pressure at the daily support-turned-resistance of 0.8870 from the mid-July sell-off. A drop below the lower band (0.8760) of a previous consolidation area has shaken off some weak hands. However, a bounce back above 0.8800 suggests that the bulls have not had their last word yet. A close above <strong>0.8870</strong> would signal strong willingness in keeping the dollar’s recovery intact and <strong>0.8790</strong> is a fresh support in case of hesitation.</p>
<h2>EURGBP seeks support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080341/eurgbp.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-207389" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080341/eurgbp.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080341/eurgbp.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080341/eurgbp-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080341/eurgbp-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080341/eurgbp-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The euro dipped after ECB officials acknowledged a slowdown in growth across the bloc. The pair is still in a consolidation pattern above 0.8500 and this suggests that the bulls have not capitulated yet. A break above 0.8610 is an encouraging sign, throwing off more short interests and paving the way for an extension to July’s peak of 0.8700. As the pair looks to hold onto its gains, the demand zone <strong>0.8540</strong>-0.8560 is key in maintaining the current momentum to prevent a slip back to 0.8500. Then <strong>0.8590</strong> is the first hurdle to lift.</p>
<h2>XAGUSD tests key resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080406/xauusd-2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-207390" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080406/xauusd-2.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080406/xauusd-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080406/xauusd-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080406/xauusd-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/09/01080406/xauusd-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Silver steadies as traders await the US job report. The precious metal has recouped most of the losses from the sell-off in late July. The peak of <strong>25.25</strong> is a major ceiling ahead and its breach would force the remaining bears out and signal a bullish continuation in the medium-term. However, a bearish RSI divergence in this significant supply zone could hold the buy side back, at least momentarily as a combination of fresh selling and profit taking could drive the quote lower. <strong>24.00</strong> is the first support should this happen.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/09/market-analysis-usd-awaits-catalyst">Market Analysis &#8211; USD Awaits Catalyst</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>