Intraday Analysis – USD Rises, Dow Momentum Holds
Daily analysis 08.02.2024 : USDJPY, EURGBP, US 30
![Market Update: Dow Analysis, USDJPY Trend, EURGBP Outlook](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/08090511/Intraday-54.png)
US 30 not slowing down
![Dow Jones (US 30) Analysis: Bullish sentiment holds with resistance at 38400](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/08085549/US30-chart-8-2-2024.png)
The Dow Jones maintains its upward momentum, defying any signs of slowdown. The recent 500-point surge encountered robust buying activity above the daily resistance level of 38400. Despite a bearish divergence observed on the RSI, traders anticipate another record high, underlining the importance of our Dow analysis. Notably, the pivotal support at 38500 may prevent a decline towards the critical floor of 38000
USDJPY grinds descending channel
![Intraday analysis showing USDJPY's descending channel and resistance at 148.00.](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/08085657/USDJPY-chart-8-2-2024.png)
The US dollar extended gains on the NFP momentum, but the pair already looks exhausted. The 148.00 level on the 20-day SMA has been acting as tough resistance. Should prices fall back into the recent channel, bearish sentiment has begun. A tentative break below 147.60 exposes the downside risk and potentially the daily support of 146.00. With an undecided RSI, this could limit the range of the initial fall for now. A hold at 147.90 could be the catalyst for some consolidation with a move back towards 148.45.
EURGBP seeks support
![Analysis indicates EURGBP's attempt to bounce at 0.8500 level after negative retail sales](https://assets.iorbex.com/blog/wp-content/uploads/2024/02/08085717/EURGBP-chart-8-2-2024.png)
The euro stalled after the bloc’s retail sales fell back into negative territory. On the chart, the pair is making another attempt to bounce at the psychological level of 0.8500. A break above last month’s low of 0.8515 combined with a bearish MA cross reinforced the downward bias. Though a correction cannot be ruled out, a slight uptick in prices recently saw a test above 0.8570. 0.8540 is the first demand zone should this happen.
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