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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,033.12-2.02

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
    1.3856+0.0046+0.34%
    USDSGD=X
    1.5052+0.0015+0.10%
    EURSGD=X
    2.1535+0.0039+0.18%
    GBPSGD=X
    89.7705-0.2871-0.32%
    SGDJPY=X
    5.5963-0.0186-0.33%
    SGDHKD=X
    2.7957-0.0062-0.22%
    SGDMYR=X
    9,750.3008-34.6348-0.35%
    SGDIDR=X
    4.4813-0.0151-0.34%
    SGDCNY=X
    1.0180-0.001-0.10%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,086.00-4.50-0.41%
    GCU15.CMX
    14.57-0.03-0.20%
    SIZ15.CMX
    45.67+0.14+0.30%
    ^XAU
    2.35-0.01-0.36%
    HGU15.CMX
    46.47+0.34+0.74%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.59+0.08
    ^FVX
    2.21+0.06
    ^TNX
    2.89+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.565-0.035-5.83%
    N21.SI
    0.845-0.055-6.11%
    G13.SI
    2.37+0.02+0.85%
    MC0.SI
    0.310.000.00%
    5WA.SI
    0.19+0.03+16.56%
    AFC.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.215+0.015+7.50%
    F86.SI
    0.19+0.03+16.56%
    AFC.SI
    0.655+0.080+13.91%
    UD3.SI
    0.118+0.013+12.38%
    B32.SI
    0.335+0.030+9.84%
    R14.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.15-0.04-22.68%
    40N.SI
    0.12-0.02-13.04%
    D3W.SI
    0.20-0.02-11.11%
    5OY.SI
    0.535-0.065-10.83%
    T55.SI
    1.085-0.115-9.58%
    AYN.SI