Forex Analysis: US Dollar Clings to Support as S&P 500 Recovers

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,107.06-15.18

THE TAKEAWAY: The US Dollar continues to grasp at the last vestiges of near-term support while the S&P 500 has launched a sharp recovery in a bid to overturn bearish positioning.

US DOLLAR TECHNICAL ANALYSIS Prices broke rising trend line support set from the mid-September bottom, exposing a neckline barrier at 9926. A further drop below that exposes the bottom of a Flag formation at 9875. Trend line support-turned-resistance is at 9950, with a break above that targeting the Flag top at 9959 and the 23.6% Fibonacci expansion at 9995.

Forex_Analysis_US_Dollar_Clings_to_Support_as_SP_500_Recovers_body_Picture_4.png, Forex Analysis: US Dollar Clings to Support as S&P 500 Recovers

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices rebounded from the bottom of a minor rising channel bottom set from late November to challenge resistance at a falling trend line set from the September 14 high (1439.10). This barrier is reinforced by the channel top at 1443.40, with a break above that exposing 1466.10. Alternatively, a drop below channel bottom (1416.30) aims for 1396.40.

Forex_Analysis_US_Dollar_Clings_to_Support_as_SP_500_Recovers_body_Picture_3.png, Forex Analysis: US Dollar Clings to Support as S&P 500 Recovers

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke lower after putting in a Bearish Engulfing candlestick pattern, taking out support at the bottom of a rising channel set from early November. Sellers are now testing support at 1692.41, the 50% Fibonacci expansion. A break below that exposes the 61.8% level at 1677.84. Channel support-turned-resistance is at 1729.27, with a break above that broadly targeting 1752.55 anew.

Forex_Analysis_US_Dollar_Clings_to_Support_as_SP_500_Recovers_body_Picture_2.png, Forex Analysis: US Dollar Clings to Support as S&P 500 Recovers

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices bounced from support at 85.61, the 50% Fibonacci expansion, to approach range top resistance at 89.19. A push above that initially aims for the December 3 high at 90.31. Alternatively, a break below that exposes the 61.8% Fib at 84.50.

Forex_Analysis_US_Dollar_Clings_to_Support_as_SP_500_Recovers_body_Picture_1.png, Forex Analysis: US Dollar Clings to Support as S&P 500 Recovers

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4031-0.0032-0.22%
    USDSGD=X
    1.5762+0.0016+0.10%
    EURSGD=X
    2.0247-0.004-0.20%
    GBPSGD=X
    81.4654-0.7355-0.89%
    SGDJPY=X
    5.5544+0.0136+0.25%
    SGDHKD=X
    2.9853+0.0068+0.23%
    SGDMYR=X
    9,757.3154+7.9756+0.08%
    SGDIDR=X
    4.6833+0.0083+0.18%
    SGDCNY=X
    0.9865-0.0093-0.94%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,194.90-3.00-0.25%
    GCJ16.CMX
    15.430.00-0.01%
    SIH16.CMX
    56.78+1.47+2.66%
    ^XAU
    2.090.00-0.10%
    HGH16.CMX
    30.18+0.49+1.65%
    CLH16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.15-0.10
    ^FVX
    1.74-0.11
    ^TNX
    2.56-0.12
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.33+0.02+4.76%
    N21.SI
    3.70+0.22+6.32%
    Z74.SI
    1.68+0.05+3.07%
    MC0.SI
    0.385+0.010+2.67%
    E5H.SI
    0.705+0.025+3.68%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.405+0.065+19.12%
    T4B.SI
    0.475+0.075+18.75%
    Y06.SI
    0.23+0.03+15.00%
    S9B.SI
    0.40+0.05+14.29%
    BJE.SI
    0.144+0.014+10.77%
    AWS.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.34-0.05-12.82%
    MN5.SI
    0.118-0.012-9.23%
    AWO.SI
    0.205-0.020-8.89%
    AYL.SI
    0.505-0.045-8.18%
    A05.SI
    0.193-0.017-8.10%
    S71.SI