Forex Analysis: US Dollar Mounts Recovery, S&P 500 Drifts Sideways

RELATED QUOTES

SymbolPriceChange
^USDOLLAR10,471.40+19.07

THE TAKEAWAY: The US Dollar mounted a recovery, erasing most of the losses sustained earlier in the week, while the S&P 500 continues to drift sideways.

US DOLLAR TECHNICAL ANALYSIS Prices mounted a recovery after finding support at 10059, the 23.6% Fibonacci retracement. Initial channel top resistance is at 10131, with a break above that targeting the January 4 high at 10158. Alternatively, a drop below 10059 exposes the 38.2% level at 9998.

Forex_Analysis_US_Dollar_Mounts_Recovery_SP_500_Drifts_Sideways_body_Picture_4.png, Forex Analysis: US Dollar Mounts Recovery, S&P 500 Drifts Sideways

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices a stalling below resistance at 1466.10 after launching higher in the aftermath of a deal to avert the fiscal cliff. A break above that targets the 1471.60-1474.90 area marked by the October 5 and September 14 swing highs. Initial support is at 1450.10, the December 19 top. A break below that eyes trend line resistance-turned-support at 1439.20 and a horizontal pivot at 1432.90.

Forex_Analysis_US_Dollar_Mounts_Recovery_SP_500_Drifts_Sideways_body_Picture_3.png, Forex Analysis: US Dollar Mounts Recovery, S&P 500 Drifts Sideways

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices found support at the bottom of a falling channel set from mid-September 2012, recovering to the 23.6% Fibonacci retracement at 1665.66. A break above that exposes the 38.2% level at 1690.39. The first layer of major support is at 1619.79, the channel bottom.

Forex_Analysis_US_Dollar_Mounts_Recovery_SP_500_Drifts_Sideways_body_Picture_2.png, Forex Analysis: US Dollar Mounts Recovery, S&P 500 Drifts Sideways

Daily Chart - Created Using FXCM Marketscope 2.0

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CRUDE OIL TECHNICAL ANALYSIS Prices are testing above resistance at 93.25, the 100% Fibonacci expansion. A break higher targets the 123.6% expansion at 94.51. Near-term support is in the 91.23-92.01 area, marked by the 61.8% and 76.4% Fibs respectively. This barrier is reinforced by the formerly broken top of a rising channel top set from early November.A drop below that exposes the 90.00 figure.

Forex_Analysis_US_Dollar_Mounts_Recovery_SP_500_Drifts_Sideways_body_Picture_1.png, Forex Analysis: US Dollar Mounts Recovery, S&P 500 Drifts Sideways

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
    1.2579+0.0021+0.17%
    USDSGD=X
    1.7393+0.0057+0.33%
    EURSGD=X
    2.1118-0.0011-0.05%
    GBPSGD=X
    81.3539-0.3468-0.42%
    SGDJPY=X
    6.1634-0.0102-0.17%
    SGDHKD=X
    2.5959-0.0056-0.21%
    SGDMYR=X
    9,245.3486+72.0215+0.79%
    SGDIDR=X
    4.9613-0.0058-0.12%
    SGDCNY=X
    1.1662-0.0098-0.84%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,283.90+2.80+0.22%
    GCM14.CMX
    19.44+0.08+0.41%
    SIK14.CMX
    91.18+0.12+0.13%
    ^XAU
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    HGK14.CMX
    101.50-0.25-0.25%
    CLM14.NYM
  • Bonds
    Bonds
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    ^FVX
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    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.122+0.002+1.67%
    B22.SI
    0.61+0.005+0.83%
    E5H.SI
    2.22+0.010+0.45%
    JS8.SI
    0.16+0.002+1.27%
    5GB.SI
    0.142-0.003-2.07%
    545.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.23+0.031+15.58%
    5UZ.SI
    0.22+0.020+10.00%
    D6U.SI
    0.184+0.014+8.24%
    5WD.SI
    0.275+0.020+7.84%
    5TP.SI
    0.161+0.011+7.33%
    A03.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.245-0.055-18.33%
    T18.SI
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    5WR.SI
    0.161-0.019-10.56%
    T16.SI
    0.36-0.040-10.00%
    S24.SI
    0.098-0.010-9.26%
    C11.SI