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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,912.17-49.76

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.

--

Did you know that you can get stories like this on the Yahoo mail app?
Download it here.
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
    1.33300.000.00%
    USDSGD=X
    1.4496+0.0003+0.02%
    EURSGD=X
    2.0244-0.00010.00%
    GBPSGD=X
    89.17480.000.00%
    SGDJPY=X
    5.81400.000.00%
    SGDHKD=X
    2.68120.000.00%
    SGDMYR=X
    9,712.69240.000.00%
    SGDIDR=X
    4.64740.000.00%
    SGDCNY=X
    1.0429+0.0003+0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,175.00-14.40-1.21%
    GCM15.CMX
    15.64-0.11-0.72%
    SIK15.CMX
    69.95-0.68-0.96%
    ^XAU
    2.75+0.04+1.56%
    HGK15.CMX
    57.15-0.32-0.55%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32-0.03
    ^FVX
    1.92-0.03
    ^TNX
    2.62-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.225-0.005-2.17%
    5GB.SI
    0.84-0.02-2.33%
    N21.SI
    0.2950.0000.00%
    5WA.SI
    0.093-0.014-13.08%
    A6F.SI
    4.37+0.02+0.46%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.245+0.025+11.36%
    MR8.SI
    0.198+0.018+10.00%
    40N.SI
    0.505+0.040+8.60%
    L5I.SI
    0.635+0.050+8.55%
    MS7.SI
    0.285+0.020+7.55%
    5TP.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.093-0.014-13.08%
    A6F.SI
    0.23-0.02-9.80%
    5WR.SI
    0.23-0.02-9.80%
    B1N.SI
    0.117-0.012-9.30%
    V69.SI
    0.235-0.020-7.84%
    41A.SI