Forex Analysis: US Dollar Hovers at Support as S&P 500 Crumbles

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,828.27+78.54

THE TAKEAWAY: The US Dollar managed to hold near support, reversing earlier losses, as the S&P 500 turned sharply lower to boost demand for the go-to haven currency.

US DOLLAR TECHNICAL ANALYSIS Prices continue to flirt with 9963, the 38.2% Fibonacci retracement. A move lower from here aims to target 9864-79 area, marked by a rising channel bottom set from mid-September and a falling channel top established from the June 1 high. Resistance is at 10002, with a break above that aiming for the 50% Fib at 10032.

Forex_Analysis_US_Dollar_Hovers_at_Support_as_SP_500_Crumbles_body_Picture_5.png, Forex Analysis: US Dollar Hovers at Support as S&P 500 Crumbles

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices turned sharply lower from support-turned-resistance in the 1424.90-30.90 area to test the 38.2% Fibonacci retracement at 1394.30 once again. A drop below that targets the 50% Fib at 1369.40. Alternatively, a reversal above 1430.90 aims to challenge the underside of a rising channel set from the June 4 swing low (now at 1452.50).

Forex_Analysis_US_Dollar_Hovers_at_Support_as_SP_500_Crumbles_body_Picture_6.png, Forex Analysis: US Dollar Hovers at Support as S&P 500 Crumbles

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices bounced from support at a rising trend line set from late June to reclaim a foothold above the 1700/oz figure and challenge the 23.6% retracement at 1732.33. A Spinning Top candle below this boundary points to indecision and hints a move lower may be ahead. Near-term support is at 1693.06, the 38.2% Fib. A break below that and the trend line (1680.57) exposes the 50% level at 1661.32. Alternatively, a push above 1732.33 targets the 1790.55-1802.80 area.

Forex_Analysis_US_Dollar_Hovers_at_Support_as_SP_500_Crumbles_body_Picture_7.png, Forex Analysis: US Dollar Hovers at Support as S&P 500 Crumbles

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices failed to hold up after poking above the 38.2%Fibonacci expansion at 87.66, revering lower to challenge the 50% expansion at 83.76 once again. A break below that exposes 80.00 figure and the 61.8% level at 7978. Alternatively, a push back above the 87.66 aims for falling trend line resistance at 91.00

Forex_Analysis_US_Dollar_Hovers_at_Support_as_SP_500_Crumbles_body_Picture_8.png, Forex Analysis: US Dollar Hovers at Support as S&P 500 Crumbles

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
    1.3569-0.0004-0.03%
    USDSGD=X
    1.5216+0.0021+0.14%
    EURSGD=X
    2.0956+0.0043+0.21%
    GBPSGD=X
    87.8492-0.1265-0.14%
    SGDJPY=X
    5.7158+0.002+0.03%
    SGDHKD=X
    2.6567+0.0028+0.10%
    SGDMYR=X
    9,502.8389+23.7412+0.25%
    SGDIDR=X
    4.6200+0.0097+0.21%
    SGDCNY=X
    1.0591+0.0007+0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,210.10-0.10-0.01%
    GCJ15.CMX
    16.59-0.03-0.17%
    SIK15.CMX
    75.84+0.44+0.59%
    ^XAU
    2.69-0.01-0.33%
    HGK15.CMX
    49.01+0.84+1.74%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.53+0.06
    ^FVX
    2.02+0.05
    ^TNX
    2.61+0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.995-0.065-6.13%
    N21.SI
    0.405-0.005-1.22%
    E5H.SI
    0.715+0.005+0.70%
    Y92.SI
    0.280.000.00%
    5WA.SI
    0.99+0.01+1.02%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.165+0.025+17.86%
    40B.SI
    0.163+0.021+14.79%
    S71.SI
    0.153+0.011+7.75%
    M11.SI
    0.32+0.03+8.47%
    40U.SI
    0.385+0.025+6.94%
    MV4.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.20-0.02-6.98%
    T06.SI
    0.135-0.010-6.90%
    5GD.SI
    0.143-0.010-6.54%
    5TJ.SI
    0.131-0.008-5.76%
    B32.SI
    0.995-0.065-6.13%
    N21.SI