Intraday Analysis – USD holds onto gains 12-09-2023
![](https://assets.iorbex.com/blog/wp-content/uploads/2023/09/12082822/Intraday-3-1.png)
USDCHF holds steady
![](https://assets.iorbex.com/blog/wp-content/uploads/2023/09/12084811/USDCHF-chart-1.png)
The US dollar consolidates gains as the market looks ahead to the August CPI data. The pair continues its way up after clearing the supply area around 0.8860. A series of higher lows indicate a still strong buying pressure which has carried the greenback to the next threshold at 0.8950. A bullish breakout would expose the psychological level of 0.9000, opening the door to a broader recovery in the medium term. 0.8880 is the first support and 0.8830 over the 20-day SMA is a key level to maintain the current momentum.
NZDUSD tests supply zone
![](https://assets.iorbex.com/blog/wp-content/uploads/2023/09/12084839/NZDUSD-chart-3.png)
The New Zealand dollar clawed back some losses as traders took profit ahead of US inflation data. The pair seems to have secured a foothold at 0.5860 and a subsequent rise above 0.5900 prompted sellers to take some chips off the table, alleviating the bearish pressure. 0.5960 from the latest leg of sell-off coincides with the 30-day SMA, making it an important hurdle to lift before the Kiwi could see a meaningful rebound above 0.6000. On the downside, a fall below aforementioned support would send the pair towards 0.5750.
EURJPY finds support
![](https://assets.iorbex.com/blog/wp-content/uploads/2023/09/12084904/EURJPY-chart.png)
The yen found support after BoJ Governor Ueda hinted at a possible end to loose monetary policy. On the daily chart, the euro is trying to hold onto its gains after clearing June’s top of 158.00. In the short-term, a drop below the recent triple bottom of 157.00 has put the bulls on the defensive, but it may be too soon to call it a bearish reversal as trend followers could see it as an opportunity to stake in near 156.60 in the hope of another rally. 158.50 is a key resistance and its breach could help the bulls regain control of the direction.