Forex Analysis: US Dollar Finds Support as S&P 500 Continues to Stall

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,061.00-15.47

THE TAKEAWAY: The US Dollar appears to have found interim support after a correction lower while the S&P 500 continues to tread water below familiar chart resistance.

US DOLLAR TECHNICAL ANALYSIS Prices found support at 10059, the 23.6% Fibonacci retracement. A bounce from here sees initial channel top resistance at 10133, with a break above that targeting the January 4 high at 10158. Alternatively, a drop through support exposes the 38.2% level at 9998.

Forex_Analysis_US_Dollar_Finds_Support_as_SP_500_Continues_to_Stall_body_Picture_4.png, Forex Analysis: US Dollar Finds Support as S&P 500 Continues to Stall

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices launched sharply higher in the aftermath of a deal to avert the fiscal cliff, taking out a falling trend line set from mid-September and exposing resistance at 1466.10. A break above that targets the 1471.60-1474.90 area marked by the October 5 and September 14 swing highs. Initial support is at 1450.10, the December 19 top, with a break below that eyeing the trend line at 1439.60 and a horizontal pivot at 1432.90.

Forex_Analysis_US_Dollar_Finds_Support_as_SP_500_Continues_to_Stall_body_Picture_3.png, Forex Analysis: US Dollar Finds Support as S&P 500 Continues to Stall

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices found support at the bottom of a falling channel set from mid-September 2012, recovering to the 23.6% Fibonacci retracement at 1665.66. A break above that exposes the 38.2% level at 1690.39. The first layer of major support is at 1620.84, the channel bottom.

Forex_Analysis_US_Dollar_Finds_Support_as_SP_500_Continues_to_Stall_body_Picture_2.png, Forex Analysis: US Dollar Finds Support as S&P 500 Continues to Stall

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices put in a Hanging Man candlestick below resistance at 93.25, the 100% Fibonacci expansion, hinting a move lower is ahead. Near-term support is in the 91.23-92.01 area, marked by the 61.8% and 76.4% Fibs respectively. This barrier is reinforced by the formerly broken top of a rising channel top set from early November.A drop below 91.23 exposes the 90.00 figure. Alternatively, a reversal above 93.25 aims for the 123.6% expansion at 94.51.

Forex_Analysis_US_Dollar_Finds_Support_as_SP_500_Continues_to_Stall_body_Picture_1.png, Forex Analysis: US Dollar Finds Support as S&P 500 Continues to Stall

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
    1.3931-0.0037-0.26%
    USDSGD=X
    1.5649-0.0121-0.77%
    EURSGD=X
    2.0190-0.0018-0.09%
    GBPSGD=X
    81.8590-0.5545-0.67%
    SGDJPY=X
    5.5933+0.0109+0.19%
    SGDHKD=X
    2.9552-0.0319-1.07%
    SGDMYR=X
    9,658.2129-71.1816-0.73%
    SGDIDR=X
    4.7185+0.0743+1.60%
    SGDCNY=X
    0.9885+0.0003+0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,191.50-7.10-0.59%
    GCJ16.CMX
    15.21-0.24-1.55%
    SIH16.CMX
    54.50+0.16+0.29%
    ^XAU
    2.02-0.02-1.08%
    HGH16.CMX
    28.17+0.23+0.82%
    CLH16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.17+0.02
    ^FVX
    1.730.00
    ^TNX
    2.54-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    1.63-0.05-2.98%
    MC0.SI
    0.325-0.005-1.52%
    N21.SI
    3.66-0.04-1.08%
    Z74.SI
    0.685-0.020-2.84%
    G13.SI
    0.375-0.010-2.60%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.195+0.035+21.87%
    5WR.SI
    0.196+0.026+15.29%
    D79.SI
    0.28+0.03+14.29%
    5SY.SI
    54.640.000.00%
    NF6.SI
    0.39+0.04+11.43%
    AXJ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    1.30-0.45-25.71%
    5SR.SI
    0.14-0.03-17.16%
    B69.SI
    3.63-0.22-5.71%
    H1O.SI
    0.192-0.023-10.70%
    AWQ.SI
    0.30-0.03-9.09%
    41A.SI