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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,392.04+41.25

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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.170.00+3.03%
    N21.SI
    0.20+0.01+3.09%
    SK3.SI
    0.98-0.01-1.51%
    G13.SI
    0.425-0.015-3.41%
    E5H.SI
    0.3750.0000.00%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.07+30.43%
    BLZ.SI
    0.445+0.075+20.27%
    BLL.SI
    0.265+0.035+15.22%
    BQN.SI
    0.49+0.06+13.95%
    F03.SI
    0.188+0.017+9.94%
    KJ5.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.44-0.04-8.33%
    573.SI
    0.15-0.01-6.25%
    M11.SI
    0.30-0.02-6.25%
    BTG.SI
    0.26-0.02-5.45%
    C13.SI
    0.36-0.02-5.26%
    BBP.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4231-0.0009-0.06%
    USDSGD=X
    1.51090.000.00%
    EURSGD=X
    1.7936+0.0039+0.22%
    GBPSGD=X
    80.3790+0.256+0.32%
    SGDJPY=X
    5.4504+0.0077+0.14%
    SGDHKD=X
    3.1037-0.0018-0.06%
    SGDMYR=X
    9,363.2012+29.3496+0.31%
    SGDIDR=X
    4.8501+0.0204+0.42%
    SGDCNY=X
    1.0638+0.0027+0.25%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,168.40-1.40-0.12%
    GCZ16.CMX
    17.020.00-0.03%
    SIZ16.CMX
    82.57-0.01-0.01%
    ^XAU
    2.63+0.01+0.55%
    HGZ16.CMX
    51.20+0.36+0.71%
    CLF17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.82+0.02
    ^FVX
    2.39+0.04
    ^TNX
    3.09+0.06
    ^TYX