Intraday Analysis – USD struggles for fresh high
![USD struggles for fresh high](https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10081606/Intraday-23.png)
USDJPY hits resistance
![USDJPY chart. 10-10-23](https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082820/USDJPY-chart-1-1.png)
The US dollar retreats as traders put faith in a softer labour market after a higher jobless rate. The price has clawed back some of the losses from last week’s liquidation and a close above the immediate resistance of 149.30 suggests that the buy side is still trying to stay in the game. However, the psychological tag of 150.00 is a major obstacle to lift before the bulls could advance unhindered again. A fall below 148.30 along the dynamic support of the 20-day SMA would expose the long lower wick at 147.40 from the latest sell-off.
EURGBP seeks support
![EURGBP chart](https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082843/EURGBP-chart-2.png)
The euro softens as a jump in Italy’s yield spreads raise the fragmentation risk amid renewed debt fears. The pair is still consolidating its gains in the vicinity of the 20-day SMA and above the key support of 0.8630. A bearish breakout could force buyers to bail out and trigger a liquidation towards 0.8570, putting the September rally at risk. On the upside, offers around 0.8670 would be the first to go before a bounce could catch attention. A close back above the recent peak of 0.8700 would resume the climb towards 0.8800.
GER 40 grinds demand area
![GER 40 chart 10-10-23](https://assets.iorbex.com/blog/wp-content/uploads/2023/10/10082901/GER-40-chart.png)
The Dax 40 struggles over geopolitical complications in the Middle East. The index is still trying to hold onto the demand zone 14900-15000 as a drop below this critical daily chart level could shift sentiment to the pessimistic side in the medium-term and trigger a deeper correction to a 9-month low at 14400. A former brief support at 15320 is the first obstacle to clear to ease the downward pressure. Only a rally above the major support-turned-resistance of 15550 from the daily chart could initiate a meaningful bounce.