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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,785.34+76.78

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

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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

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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
    1.3542+0.0017+0.12%
    USDSGD=X
    1.55530.000.00%
    EURSGD=X
    1.9681+0.0022+0.11%
    GBPSGD=X
    79.1185-0.0468-0.06%
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    5.7306-0.0087-0.15%
    SGDHKD=X
    2.9452-0.0026-0.09%
    SGDMYR=X
    9,780.4297-28.8203-0.29%
    SGDIDR=X
    4.8005+0.0007+0.01%
    SGDCNY=X
    1.0154+0.0031+0.30%
    AUDSGD=X
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    GCM16.CMX
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    SIN16.CMX
    87.23-3.50-3.86%
    ^XAU
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    CLM16.NYM
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    N21.SI
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    G13.SI
    3.77-0.06-1.57%
    Z74.SI
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    BS6.SI
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    E5H.SI
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    BFK.SI
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    BHO.SI
    0.50+0.04+8.70%
    BQP.SI
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    41B.SI
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