USDCHF grinds support
The US dollar builds a base ahead of the Fed rate decision next week. An initial pop above 0.9240 has prompted short-term sellers to cover some of their bets.
Though 0.9280 along the 30-day moving average has proven to be a tough level to crack for the time being. 0.9140 at the base of the recent momentum is a key support to keep the rebound intact. Its breach could trigger a new round of sell-off and push the greenback below January 2022’s low (0.9100), confirming a bearish continuation in the process.
EURJPY looks to breakout
The Japanese yen strengthened after Tokyo CPI beat expectations. On the daily chart, the pair is in a horizontal range between 137.60 and 142.90 as it tries to keep the uptrend intact in the medium-term. Recent jitters have found support above 140.50, which is essential to keep intraday buyers committed. A break above the upper band at 142.90 would flush the remaining sellers out and propel the pair above 144.00, putting the euro on a bullish extension. A bearish breakout would send the pair to 139.00.
SPX 500 breaks resistance
The S&P 500 rallies as upbeat US GDP eases fears of an economic downturn. On the daily chart, a close above the psychological level of 4000 and a bullish MA cross suggest that sentiment could be turning around. A break above 4050 from the start of the mid-December liquidation indicates solid buying pressure. Its breach would carry the index to the recent spike at 4130, leaving 4015 as a fresh support. Further down, the confluence of the swing low 3950 and the 20-day moving average is a key level to maintain the recovery.
Test your strategy on how the USD will fare with Orbex
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
- Source: https://www.orbex.com/blog/en/2023/01/intraday-analysis-usd-tries-to-stabilise
- 2023
- a
- above
- After
- ahead
- analysis
- analyst
- and
- around
- articles
- asset
- asset management
- author
- avatar
- average
- BAND
- base
- bearish
- began
- being
- below
- Bets
- between
- breach
- Break
- breakout
- breaks
- builds
- Bullish
- buyers
- Buying
- Career
- carry
- Chart
- Close
- Commentary
- committed
- Commodities
- continuation
- could
- cover
- CPI
- crack
- Cross
- Currency
- daily
- decision
- description
- developed
- Dollar
- down
- DOWNTURN
- dynamics
- Eases
- Economic
- economic downturn
- essential
- Ether (ETH)
- Euro
- expectations
- experience
- extension
- extensive
- fears
- Fed
- Fed rate decision
- financial
- found
- Founded
- fresh
- from
- further
- FX
- GDP
- Global
- global financial
- Greenback
- having
- Horizontal
- How
- HTTPS
- image
- in
- index
- indicates
- industry
- initial
- IT
- January
- Japanese
- Japanese Yen
- Keep
- Key
- leaving
- Level
- Liquidation
- live
- London
- LOOKS
- Low
- maintain
- management
- Market
- Markets
- max-width
- metal
- Momentum
- moving
- moving average
- New
- next
- next week
- nfp
- own
- plato
- Plato Data Intelligence
- PlatoData
- pop
- pressure
- process
- Propel
- proven
- provide
- Push
- Putting
- rallies
- range
- Rate
- rebound
- recent
- recovery
- refined
- remaining
- research
- Risk
- risk management
- round
- S&P
- S&P 500
- sales
- sell-off
- Sellers
- senior
- sentiment
- Services
- short-term
- solid
- some
- spike
- start
- strategies
- Strategy
- support
- The
- the Fed
- their
- time
- to
- tokyo
- Tokyo CPI
- Trading
- trigger
- Turning
- understanding
- uptrend
- URL
- us
- US Dollar
- US GDP
- USD
- week
- which
- will
- within
- Work
- works
- would
- Yen
- Your
- zephyrnet