Forex Analysis: US Dollar Holds Support Even as S&P 500 Rallies

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,029.19+10.75

THE TAKEAWAY: The US Dollar has shown impressive resilience, holding above key support despite an S&P 500 rally that might have been expected to sink the haven currency.

US DOLLAR TECHNICAL ANALYSIS Prices are stalling at the bottom of a rising channel set from mid-September (now at 9961). A break below this boundary initially exposes the 38.2% level at 9945. Near-term resistance lines up at 9993, the 23.6% Fibonacci retracement, with a push above that aiming to challenge the November 16 high at 10071.

Forex_Analysis_US_Dollar_Holds_Support_Even_as_SP_500_Rallies_body_Picture_4.png, Forex Analysis: US Dollar Holds Support Even as S&P 500 Rallies

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices edged above resistance at a falling trend line set from mid-October and overcame the 50% Fibonacci retracement at 1408.50. The bulls now aim to challenge the 1424.90-30.90 area. The 1408.50 level has been recast as near-term support, with a drop back below that exposing the trend line (now at 1400.04) and the 38.2% retracementat 1392.80.

Forex_Analysis_US_Dollar_Holds_Support_Even_as_SP_500_Rallies_body_Picture_3.png, Forex Analysis: US Dollar Holds Support Even as S&P 500 Rallies

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices turned lower after putting in a Bearish Engulfing candlestick pattern below the 61.8% Fibonacci retracement (1748.70), dropping to test the 38.2% level at 1719.60. A further push downward below that exposes the 23.6% Fib at 1701.60, a barrier reinforced by a rising trend line set from late June (now at 1698.66). Near-term resistance lines up at 1734.15, the 50% retracement.

Forex_Analysis_US_Dollar_Holds_Support_Even_as_SP_500_Rallies_body_Picture_2.png, Forex Analysis: US Dollar Holds Support Even as S&P 500 Rallies

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices bounced to retest rising trend line support-turned-resistance set from mid-October, now at 88.38, with a break above this level exposing the 23.6% Fibonacci expansion at 89.48.Near-term support is at 84.104, the November 7 low, with a break below that exposing the 80-50-81.43 area.

Forex_Analysis_US_Dollar_Holds_Support_Even_as_SP_500_Rallies_body_Picture_1.png, Forex Analysis: US Dollar Holds Support Even as S&P 500 Rallies

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
    1.4094-0.0023-0.17%
    USDSGD=X
    1.5860+0.0035+0.22%
    EURSGD=X
    2.1690+0.0025+0.12%
    GBPSGD=X
    85.7704-0.1053-0.12%
    SGDJPY=X
    5.5005+0.0109+0.20%
    SGDHKD=X
    2.9750+0.0092+0.31%
    SGDMYR=X
    9,998.5820+50.5742+0.51%
    SGDIDR=X
    4.5205+0.004+0.09%
    SGDCNY=X
    1.0028-0.001-0.10%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,138.80+6.30+0.56%
    GCZ15.CMX
    14.62+0.03+0.23%
    SIZ15.CMX
    48.43-0.40-0.81%
    ^XAU
    2.33-0.01-0.24%
    HGZ15.CMX
    47.46-1.74-3.54%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.54+0.02
    ^FVX
    2.20+0.01
    ^TNX
    2.93+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.136+0.006+4.62%
    5DN.SI
    0.74+0.02+2.78%
    5ME.SI
    0.5450.0000.00%
    N21.SI
    3.76+0.02+0.53%
    Z74.SI
    0.305-0.010-3.17%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.03+9.09%
    AWO.SI
    0.26+0.02+10.64%
    L38.SI
    0.164+0.011+7.19%
    T13.SI
    0.315+0.020+6.78%
    AWI.SI
    0.145+0.007+5.07%
    TI6.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.09-0.02-18.18%
    40R.SI
    0.325-0.035-9.72%
    AXJ.SI
    1.165-0.095-7.54%
    AYF.SI
    0.194-0.002-1.02%
    RE4.SI
    0.32-0.02-4.48%
    B49.SI