Intraday market analysis: USD attempts rebound


USD/CHF seeks support

The US dollar initially tumbled after a minor drop in August’s core CPI. However, the pair can capitalize on strong buying interest from the trough near 0.9150.

A tentative break of August’s high at 0.9240 suggests that buyers are in control of price action. Though an overbought RSI has tempered the bullish drive, the latest pullback to 0.9180 can be an accumulation phase.

A rebound may lift bids to July’s high at 0.9275. A breach of that ceiling would attract momentum buying and resume the greenback’s rally.

USDCHF

XAU/USD bounces off demand zone

Gold surged thanks to a decline in Treasury yields. The precious metal had met stiff selling pressure at the triple top (1830) from the daily chart.

Short-term sentiment has turned positive after a week-long consolidation above the demand area of 1780. The break above 1803 would prompt the bears to cover their bets. An overbought RSI may trigger a temporary pullback.

A rebound would challenge the critical level of 1830 once again, where a bullish breakout may resume the five-week-long rally.

XAUUSD

US 30 breaks support

The Dow Jones 30 retreated as last month’s US inflation remained above the Fed’s target. The index was bought out of the dip over the daily support at 34580.

The rebound turned out to be short-lived after a breakout invalidated this key floor. A bearish MA cross indicates that sentiment has become increasingly downbeat.

The psychological level (34000) from last July would be the next target. On the upside, 34950 is a fresh resistance where sellers would be eager to erase any rebound.

US

This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.

Authors' opinions do not represent the ones of Orbex and its associates. Terms and Conditions and the Privacy Policy apply.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD holds above 1.1700 but the upside is limited

The EUR/USD pair flirted with 1.1750 but was unable to retain its modest intraday gains. Now trading in the 1.1720 price zone, bears retain control ahead of the US central bank monetary policy decision.

EUR/USD News

GBP/USD: Pressure mounts ahead of central banks’ announcements

The Fed and the BoE will make announcements this week. UK public inflation expectations are up for this year and the upcoming ones. GBP/USD is technically bearish in the near term, poised to retest August monthly low.

GBP/USD News

Gold: Further advances depend on the Fed

A better market mood put pressure on the American currency. The US Federal Reserve will announce its monetary policy decision on Wednesday. Gold advanced for a second day in a row, but additional gains are in doubt.

Gold News

Shiba Inu bulls can't hold SHIB from dropping to $0.000006

Shiba Inu price has fallen -28% over the past four trading sessions. Bears remain in control as bulls fail to complete a breakout above $0.000008. Bulls must hold $0.000007 to prevent a drop towards $0.000006.

Read more

Fed Preview: Three ways in which Powell could down the dollar, and none is the dot-plot

No taper now, but when? That is the main question for the Fed in its all-important September meeting. The bank buys $120B worth of bonds every month and it is set to reduce the pace at some point – the first step toward raising interest rates. 

Read more

Majors

Cryptocurrencies

Signatures