Forex Analysis: US Dollar Continues Higher as S&P 500 Slump Continues

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,037.52+20.56

THE TAKEAWAY: The US Dollar continued higher through another layer of technical resistance as the S&P 500 remained under pressure, boosting haven demand for the greenback.

US DOLLAR TECHNICAL ANALYSIS Prices took out resistance at the top of a rising channel established from mid-September, exposing the 61.8% Fibonacci retracement at 10038. A push above that targets the 76.4% retracement at 10109. The channel top – now at 10021 – has been recast as support, with a push back below that aiming for the 50% level at 9982.

Forex_Analysis_US_Dollar_Continues_Higher_as_SP_500_Slump_Continues_body_Picture_5.png, Forex Analysis: US Dollar Continues Higher as S&P 500 Slump Continues

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke support at 1369.40, the 50% Fibonacci retracement level, exposing the 61.8% level at 1344.50 as the next downside objective. The 1369.40 level has been recast as resistance, with a reversal back above that targeting the 38.2% Fib at 1394.30.

Forex_Analysis_US_Dollar_Continues_Higher_as_SP_500_Slump_Continues_body_Picture_6.png, Forex Analysis: US Dollar Continues Higher as S&P 500 Slump Continues

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are turning lower resistance at 1732.33, the 23.6% Fibonacci retracement. Near-term support is at 1693.06, the 38.2% Fib, a barrier reinforced by a rising trend line set from late June (now at 1688.55). A drop beneath the latter level targets the 50% Fib at 1661.32. Alternatively, a push above resistance targets the 1790.55-1802.80 area

Forex_Analysis_US_Dollar_Continues_Higher_as_SP_500_Slump_Continues_body_Picture_7.png, Forex Analysis: US Dollar Continues Higher as S&P 500 Slump Continues

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices continue to hover above the 50%Fibonacci expansion at 83.76.A break below that exposes 80.00 figure and the 61.8% level at 7978. Resistance is at 86.67, marked by a falling trend line set from the September 14 high and reinforced by the 38.2% Fib 87.66. A push above that aims for the 90.00 figure and the 23.6% expansion at 92.53.

Forex_Analysis_US_Dollar_Continues_Higher_as_SP_500_Slump_Continues_body_Picture_8.png, Forex Analysis: US Dollar Continues Higher as S&P 500 Slump Continues

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
    1.39790.000.00%
    USDSGD=X
    1.5735+0.00010.00%
    EURSGD=X
    2.02780.000.00%
    GBPSGD=X
    80.99290.000.00%
    SGDJPY=X
    5.57330.000.00%
    SGDHKD=X
    2.96880.000.00%
    SGDMYR=X
    9,639.46000.000.00%
    SGDIDR=X
    4.67320.000.00%
    SGDCNY=X
    0.99330.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,238.50-9.30-0.75%
    GCJ16.CMX
    15.790.00-0.03%
    SIH16.CMX
    60.64+1.88+3.21%
    ^XAU
    2.03+0.03+1.35%
    HGH16.CMX
    29.08+2.87+10.95%
    CLH16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.20+0.09
    ^FVX
    1.75+0.10
    ^TNX
    2.61+0.10
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.3050.0000.00%
    N21.SI
    1.595-0.015-0.93%
    MC0.SI
    3.58+0.04+1.13%
    Z74.SI
    0.360.000.00%
    E5H.SI
    2.82-0.03-1.05%
    C31.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.151+0.021+16.15%
    5PL.SI
    0.184+0.023+14.29%
    42T.SI
    62.06+7.42+13.58%
    NF6.SI
    0.32+0.03+12.28%
    I06.SI
    0.147+0.014+10.53%
    5WJ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.084-0.060-41.67%
    5PI.SI
    0.225-0.055-19.64%
    5SY.SI
    0.205-0.045-18.00%
    BER.SI
    0.57-0.10-14.93%
    BLA.SI
    0.101-0.017-14.41%
    AZZ.SI