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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,066.51+28.89

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

Want to learn more about RSI? Watch this Video.

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

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
    1.3735+0.0006+0.04%
    USDSGD=X
    1.4747-0.00010.00%
    EURSGD=X
    2.0368+0.0012+0.06%
    GBPSGD=X
    87.3862-0.0824-0.09%
    SGDJPY=X
    5.6450-0.0014-0.03%
    SGDHKD=X
    2.6977-0.0004-0.02%
    SGDMYR=X
    9,512.2012-3.8135-0.04%
    SGDIDR=X
    4.5165+0.0009+0.02%
    SGDCNY=X
    1.0457+0.0003+0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,182.90-0.20-0.02%
    GCJ15.CMX
    16.61+0.02+0.10%
    SIK15.CMX
    65.50-1.02-1.54%
    ^XAU
    2.740.00+0.09%
    HGK15.CMX
    47.70+0.10+0.21%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.38-0.04
    ^FVX
    1.93-0.03
    ^TNX
    2.54-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.2850.0000.00%
    5WA.SI
    0.172+0.002+1.18%
    5GB.SI
    0.131-0.003-2.24%
    E13.SI
    0.183+0.016+9.58%
    A50.SI
    0.425-0.010-2.30%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.15+0.04+36.36%
    5IF.SI
    0.148+0.018+13.85%
    L10.SI
    0.155+0.018+13.14%
    K14.SI
    0.139+0.016+13.01%
    P36.SI
    0.169+0.019+12.67%
    5PI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.11-0.03-23.61%
    5GF.SI
    0.22-0.03-12.00%
    O08.SI
    0.22-0.03-10.20%
    5WJ.SI
    0.116-0.013-10.08%
    V69.SI
    0.29-0.03-9.38%
    40U.SI