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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR10,446.34-7.34

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
    1.25090.000.00%
    USDSGD=X
    1.7313+0.0031+0.18%
    EURSGD=X
    2.1051+0.0038+0.18%
    GBPSGD=X
    81.5454-0.191-0.23%
    SGDJPY=X
    6.1994+0.0006+0.01%
    SGDHKD=X
    2.5914-0.0004-0.01%
    SGDMYR=X
    9,136.7686-6.249-0.07%
    SGDIDR=X
    4.9724-0.0006-0.01%
    SGDCNY=X
    1.1708-0.0011-0.10%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,298.50-5.00-0.38%
    GCM14.CMX
    19.50-0.13-0.66%
    SIK14.CMX
    90.83-1.04-1.14%
    ^XAU
    3.030.00-0.02%
    HGK14.CMX
    104.07+0.31+0.30%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.65+0.04
    ^FVX
    2.64+0.01
    ^TNX
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    ^TYX

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    B22.SI
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    5GJ.SI
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    5ME.SI
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    JS8.SI
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    E5H.SI
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    5WD.SI
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    5UE.SI
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    L5I.SI
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