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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,895.53-16.64

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

Want to learn more about RSI? Watch this Video.

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

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.

--

Did you know that you can get stories like this on the Yahoo mail app?
Download it here.
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
    1.3290+0.0017+0.12%
    USDSGD=X
    1.4459+0.0013+0.09%
    EURSGD=X
    2.0243+0.0031+0.15%
    GBPSGD=X
    89.6181-0.1093-0.12%
    SGDJPY=X
    5.8319-0.0075-0.13%
    SGDHKD=X
    2.6708+0.00010.00%
    SGDMYR=X
    9,773.1211+16.4551+0.17%
    SGDIDR=X
    4.6778-0.008-0.17%
    SGDCNY=X
    1.0456+0.0036+0.35%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,199.80-3.40-0.28%
    GCM15.CMX
    16.33-0.07-0.42%
    SIK15.CMX
    71.68+1.72+2.46%
    ^XAU
    2.76-0.01-0.34%
    HGK15.CMX
    56.59-0.40-0.70%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.34+0.02
    ^FVX
    1.92+0.01
    ^TNX
    2.61-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.850.000.00%
    N21.SI
    0.635+0.005+0.79%
    F83.SI
    0.690.00-0.72%
    M1P.SI
    0.7650.0000.00%
    Y92.SI
    0.280.00+1.82%
    5DM.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.159+0.046+40.71%
    5IF.SI
    0.13+0.02+18.18%
    5UA.SI
    0.245+0.010+4.26%
    41A.SI
    0.465+0.010+2.20%
    A7S.SI
    0.105+0.002+1.94%
    F01.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.40-0.03-6.98%
    UV1.SI
    1.305-0.075-5.43%
    S35.SI
    0.815-0.040-4.68%
    P52.SI
    0.32-0.02-4.48%
    K1Q.SI
    0.33-0.02-5.71%
    N4E.SI