Forex Analysis: US Dollar Holds Up at Support as S&P 500 Retreats

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,033.12-2.02

THE TAKEAWAY: The US Dollar held at critical trend-defining support as expected as the S&P 500 turned lower, buoying demand for the go-to safe haven currency.

US DOLLAR TECHNICAL ANALYSIS Prices broke below the 23.6% Fibonacci retracement at 9993 to challenge the bottom of a rising channel set from mid-September (now at 9968). A break below this boundary initially exposes the 38.2% level at 9945. Alternatively, a break back above 9993 aims for the November 16 high at 10071.

Forex_Analysis_US_Dollar_Holds_Up_at_Support_as_SP_500_Retreats_body_Picture_4.png, Forex Analysis: US Dollar Holds Up at Support as S&P 500 Retreats

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices edged lower as expected after putting in a Hanging Man candlestick below resistance at the 50% Fibonacci retracement (1408.50), a barrier reinforced by a falling trend line set from mid-October. Initial support remains at 1392.80, the 38.2% retracement, with a break below that aiming to challenge the 23.6% level at 1373.40. Alternatively, a push above 1408.50 exposes the 1424.90-30.90 area.

Forex_Analysis_US_Dollar_Holds_Up_at_Support_as_SP_500_Retreats_body_Picture_3.png, Forex Analysis: US Dollar Holds Up at Support as S&P 500 Retreats

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices appear to have carved out a bullish Inverse Head and Shoulders chart pattern confirmed with a close above neckline resistance at 1737.28, 23.6% Fibonacci retracement. The setup implies a measured upside target at 1802.06. The 1737.28 level has been recast as near-term support, with a break below that aiming for the 38.2% Fib at 1688.65.

Forex_Analysis_US_Dollar_Holds_Up_at_Support_as_SP_500_Retreats_body_Picture_2.png, Forex Analysis: US Dollar Holds Up at Support as S&P 500 Retreats

Daily Chart - Created Using FXCM Marketscope 2.0

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CRUDE OIL TECHNICAL ANALYSIS Prices are consolidating below resistance at 89.48, the 23.6% Fibonacci expansion. Initial rising trend line support is at 87.17, with a break below that on a daily closing basis exposing the November 7 low at 84.04. Alternatively, a push above resistance targets the 38.2% level at 92.88.

Forex_Analysis_US_Dollar_Holds_Up_at_Support_as_SP_500_Retreats_body_Picture_1.png, Forex Analysis: US Dollar Holds Up at Support as S&P 500 Retreats

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
    1.3852+0.0043+0.31%
    USDSGD=X
    1.5052+0.0015+0.10%
    EURSGD=X
    2.1533+0.0037+0.17%
    GBPSGD=X
    89.7934-0.2641-0.29%
    SGDJPY=X
    5.5974-0.0174-0.31%
    SGDHKD=X
    2.7985-0.0034-0.12%
    SGDMYR=X
    9,746.3613-38.5742-0.39%
    SGDIDR=X
    4.4811-0.0154-0.34%
    SGDCNY=X
    1.0173-0.0017-0.17%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,086.00-4.50-0.41%
    GCU15.CMX
    14.55-0.06-0.40%
    SIZ15.CMX
    45.67+0.14+0.30%
    ^XAU
    2.35-0.01-0.34%
    HGU15.CMX
    46.49+0.36+0.78%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.59+0.08
    ^FVX
    2.21+0.06
    ^TNX
    2.89+0.03
    ^TYX

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    N21.SI
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    G13.SI
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    MC0.SI
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    5WA.SI
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    AFC.SI
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    F86.SI
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    AFC.SI
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