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Intraday Market Analysis – USD Consolidates

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GBPUSD awaits breakout

Sterling found support as Britain’s CPI continued to accelerate in June. A rally above 1.1950 took some heat off the pound. 1.2050 is a key resistance as it lies over the 20-day moving average. A bullish breakout would force more bears to cover their positions and pave the way for a rebound with 1.2160 as the next target. However, sentiment remains cautious in the medium-term and stiff selling could be expected. 1.1920 has turned into a fresh support. Further down, 1.1770 is a major floor to keep the recovery intact.

USDCHF struggles for support

The US dollar fell over profit-taking after the Fed tempered hike expectations. A bearish RSI divergence showed a slowdown in the previous rally. A fall below 0.9750 was the confirmation and triggered a sell-off. After the RSI dipped into oversold territory, a brief pause may give the greenback some respite. Though it would be too soon to call a bounce as a lack of bid may continue to drive the price south. 0.9590 at the start of a bullish breakout two weeks ago is the level to gauge buying interest. 0.9790 is the closest resistance.

USDCAD tests major floor

The Canadian dollar softened after June’s CPI fell below expectations. The US counterpart’s failure to hold onto its recent rally and above 1.2970 indicates a lack of commitment from the buy side. The path of least resistance could be down. The pair is hovering above the daily support at 1.2840. The RSI’s double dip into the oversold zone may attract some bargain hunters. A bearish breakout would extend losses towards 1.27s. The bulls will need to lift the psychological level of 1.3000 before they could regain control of the direction.

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