Forex Analysis: US Dollar Chart Setup Warns of a Turn Lower

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,080.74+14.12

THE TAKEAWAY: US Dollar technical positioning warns the currency may be readying to reverse lower after hitting the highest level in six months.

US DOLLAR TECHNICAL ANALYSIS Prices are put in a Shooting Star candlestick below resistance marked by the 61.8% Fibonacci expansion (10181) and a rising channel top (10191), hinting a move lower is ahead. Initial support is at 10153, the 50% level, with a break below that targeting the 38.2% Fib at 10124. Alternatively, a push above resistance aims for the 76.4% expansion at 10216.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_a_Turn_Lower_body_Picture_4.png, Forex Analysis: US Dollar Chart Setup Warns of a Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are testing resistance at 1503.50, the 76.4% Fibonacci retracement, with a break higher targeting the 100% level at 1553.00. Near-term support is in the 1472.50-74.90 region, marked by the 61.8% Fib and the September 14 high.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_a_Turn_Lower_body_Picture_3.png, Forex Analysis: US Dollar Chart Setup Warns of a Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are testing major rising trend line support dating back to mid-May (1652.69). A break below that aims for the January 4 low at 1625.69 and a falling channel bottom at 1605.29. Near-term resistance is at 1690.39, the 38.2% Fibonacci retracement.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_a_Turn_Lower_body_Picture_2.png, Forex Analysis: US Dollar Chart Setup Warns of a Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices have completed a Bearish Engulfing candlestick pattern, hinting a move lower may be ahead. Near-term rising trend line support is at 95.96. A break below that exposes 94.61. Resistance is at 97.41, with a push above this barrier aiming for 98.99.

Forex_Analysis_US_Dollar_Chart_Setup_Warns_of_a_Turn_Lower_body_Picture_1.png, Forex Analysis: US Dollar Chart Setup Warns of a Turn Lower

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4247+0.0084+0.59%
    USDSGD=X
    1.5885+0.0133+0.84%
    EURSGD=X
    2.1638+0.0035+0.16%
    GBPSGD=X
    83.4944-1.2964-1.53%
    SGDJPY=X
    5.4400-0.0323-0.59%
    SGDHKD=X
    3.0174+0.0238+0.79%
    SGDMYR=X
    9,927.5781-173.0771-1.71%
    SGDIDR=X
    4.4625-0.0255-0.57%
    SGDCNY=X
    0.9867-0.0063-0.64%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,120.60-3.90-0.35%
    GCZ15.CMX
    14.52-0.18-1.24%
    SIZ15.CMX
    44.57-1.06-2.31%
    ^XAU
    2.32-0.07-2.77%
    HGZ15.CMX
    46.44-0.31-0.66%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.46-0.03
    ^FVX
    2.13-0.04
    ^TNX
    2.89-0.06
    ^TYX

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    Z74.SI
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    40U.SI
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