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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR10,461.74+15.40

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.

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
    1.25230.000.00%
    USDSGD=X
    1.7295-0.0007-0.04%
    EURSGD=X
    2.1029-0.0012-0.06%
    GBPSGD=X
    81.9492+0.1669+0.20%
    SGDJPY=X
    6.1916-0.0004-0.01%
    SGDHKD=X
    2.5912+0.0057+0.22%
    SGDMYR=X
    9,119.2207+0.35840.00%
    SGDIDR=X
    4.9718+0.0014+0.03%
    SGDCNY=X
    1.1678-0.001-0.08%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,294.00-7.90-0.61%
    GCQ14.CMX
    19.60+0.02+0.08%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.05+0.02+0.51%
    HGK14.CMX
    104.30+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.116+0.001+0.87%
    B22.SI
    0.129+0.004+3.20%
    545.SI
    2.20+0.010+0.46%
    JS8.SI
    0.143+0.004+2.88%
    5GB.SI
    0.49+0.010+2.08%
    5GJ.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.26+0.045+20.93%
    5UE.SI
    0.16+0.010+6.67%
    A03.SI
    0.485+0.020+4.30%
    5UL.SI
    0.335+0.015+4.69%
    554.SI
    0.735+0.040+5.76%
    L02.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.565-0.025-4.24%
    G08.SI
    26.61-0.960-3.48%
    HD9.SI
    0.171-0.004-2.29%
    MC7.SI
    0.275-0.005-1.79%
    M1Z.SI
    0.28-0.005-1.75%
    B69.SI