Intraday Market Analysis – USD Attempts Rebound

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USDCHF is looking for support

USDCHF

The US dollar initially fell after a slight decline in the core CPI in August. However the pair may capitalize on strong buying interest from the trough close to 0.9150.

A breakout of the August high at 0.9240 suggests that buyers are dominating price. Although too much bought RSI moderated the bullish drive, the latest retreat to 0.9180 can be an accumulation phase.

A rebound could lift bids to the July high at 0.9275. A breach of that ceiling would attract a quick buy and restart the rally of the dollar.

XAUUSD bounces demand zone

XAUUSD

Gold grew thanks to a decline in treasury yields. The precious metal met hard selling pressure at the triple top (1830) of the daily chart.

Short-term sentiment turned positive after a week-long consolidation over the demand area of 1780. The break above 1803 would encourage the bears to cover their bets. Overbought RSI can cause temporary withdrawal.

Bounce would challenge the critical level of 1830 once again, where a bullish boom may resume the five-week rally.

US 30 breaks support

United States30

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

The bounce turned out to be short-lived after an escape canceled this key floor. A crude MA cross indicates that sentiment has become increasingly discouraging.

The psychological level (34000) from last July would be the next goal. On top, 34950 there is recent resistance where sellers would want to eliminate some bounce.

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