Forex Analysis: US Dollar Holds Support Despite Sharp S&P 500 Recovery

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,016.02-19.40

THE TAKEAWAY: The US Dollar has managed to hold up at chart support despite a sharp S&P 500 rebound that might have been expected to sink the haven currency.

US DOLLAR TECHNICAL ANALYSIS Prices broke rising trend line support set from the mid-September bottom, exposing a neckline barrier at 9927. A further drop below that exposes the bottom of a Flag formation at 9870. Trend line support-turned-resistance is at 9952, a barrier reinforced by the Flag top. A push above that aims for the 23.6% Fibonacci expansion at 9995.

Forex_Analysis_US_Dollar_Holds_Support_Despite_Sharp_SP_500_Recovery_body_Picture_4.png, Forex Analysis: US Dollar Holds Support Despite Sharp S&P 500 Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices rebounded from the bottom of a minor rising channel bottom set from late November to challenge resistance at a falling trend line set from the September 14 high (1445.60). This barrier is reinforced by the channel top at 1449.70, with a break above that exposing 1466.10. Alternatively, a drop below channel bottom support (1418.00) aims for 1398.10.

Forex_Analysis_US_Dollar_Holds_Support_Despite_Sharp_SP_500_Recovery_body_Picture_3.png, Forex Analysis: US Dollar Holds Support Despite Sharp S&P 500 Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices plunged through supports at 1692.41 and 1677.84, the 50% and 61.8% Fibonacci expansions respectively. Sellers now aim to challenge the 76.4% level at 1659.90, with a push below that targeting the 100% mark at 1630.97. The 1677.84 level has been recast as near-term resistance, with a push back above that aiming for 1692.41 anew.

Forex_Analysis_US_Dollar_Holds_Support_Despite_Sharp_SP_500_Recovery_body_Picture_2.png, Forex Analysis: US Dollar Holds Support Despite Sharp S&P 500 Recovery

Daily Chart - Created Using FXCM Marketscope 2.0

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CRUDE OIL TECHNICAL ANALYSIS Prices bounced from support at 85.61, the 50% Fibonacci expansion, to approach range top resistance at 89.19. A push above that initially aims for the December 3 high at 90.31. Alternatively, a break below that exposes the 61.8% Fib at 84.50.

Forex_Analysis_US_Dollar_Holds_Support_Despite_Sharp_SP_500_Recovery_body_Picture_1.png, Forex Analysis: US Dollar Holds Support Despite Sharp S&P 500 Recovery

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
    1.3714+0.0006+0.04%
    USDSGD=X
    1.50520.000.00%
    EURSGD=X
    2.1426+0.0003+0.01%
    GBPSGD=X
    90.3868+0.0126+0.01%
    SGDJPY=X
    5.6528-0.0022-0.04%
    SGDHKD=X
    2.7875-0.0012-0.04%
    SGDMYR=X
    9,851.3135-4.2598-0.04%
    SGDIDR=X
    4.5279-0.002-0.04%
    SGDCNY=X
    1.0021-0.0001-0.01%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,094.90+6.90+0.63%
    GCQ15.CMX
    14.79+0.03+0.18%
    SIZ15.CMX
    47.57+0.92+1.98%
    ^XAU
    2.36-0.02-1.03%
    HGU15.CMX
    48.92-1.60-3.19%
    CLZ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.55-0.07
    ^FVX
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    ^TNX
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    ^TYX

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    N21.SI
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    MC0.SI
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    E5H.SI
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    5WA.SI
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    5DN.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.148+0.020+15.62%
    T77.SI
    0.18+0.02+12.50%
    AVX.SI
    0.365+0.035+10.61%
    5DS.SI
    0.194+0.015+8.38%
    Y08.SI
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    P9D.SI
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