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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,978.81+13.97

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
    1.36950.000.00%
    USDSGD=X
    1.49150.000.00%
    EURSGD=X
    2.03710.000.00%
    GBPSGD=X
    86.99160.000.00%
    SGDJPY=X
    5.66160.000.00%
    SGDHKD=X
    2.68670.000.00%
    SGDMYR=X
    9,545.84180.000.00%
    SGDIDR=X
    4.53440.000.00%
    SGDCNY=X
    1.06150.000.00%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,198.30-6.50-0.54%
    GCJ15.CMX
    16.97-0.17-0.99%
    SIK15.CMX
    67.73-0.66-0.97%
    ^XAU
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    HGK15.CMX
    48.43-3.00-5.83%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
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    ^FVX
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    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.435+0.030+7.41%
    E5H.SI
    0.131+0.015+12.93%
    E13.SI
    0.167+0.004+2.45%
    5GB.SI
    0.285-0.005-1.72%
    5WA.SI
    0.945+0.015+1.61%
    N21.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.31+0.08+34.78%
    5PD.SI
    0.131+0.015+12.93%
    E13.SI
    0.255+0.025+10.87%
    D79.SI
    0.39+0.03+9.86%
    D03.SI
    0.435+0.030+7.41%
    E5H.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.135-0.007-4.93%
    K14.SI
    1.862-0.095-4.85%
    O9D.SI
    0.515-0.025-4.63%
    R07.SI
    0.22-0.01-4.35%
    M14.SI
    0.225-0.010-4.26%
    DU4.SI