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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,985.37+47.22

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
    1.3776-0.004-0.29%
    USDSGD=X
    1.5371-0.0016-0.10%
    EURSGD=X
    2.0168-0.0039-0.19%
    GBPSGD=X
    80.5885+0.1456+0.18%
    SGDJPY=X
    5.6399+0.0162+0.29%
    SGDHKD=X
    2.9910+0.0137+0.46%
    SGDMYR=X
    9,896.4805+29.2969+0.30%
    SGDIDR=X
    4.7755+0.0123+0.26%
    SGDCNY=X
    1.0003+0.0079+0.80%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,213.40-3.30-0.27%
    GCQ16.CMX
    16.02-0.24-1.50%
    SIN16.CMX
    79.41-2.71-3.31%
    ^XAU
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    HGN16.CMX
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    CLN16.NYM
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    Bonds
    TreasuryYield (%)Yield Change
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    ^FVX
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    ^TNX
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    ^TYX

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    Most Actives
    NamePriceChange% Chg
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    N21.SI
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    MC0.SI
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    H78.SI
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    C22.SI
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    5ME.SI
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    % Gainers
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    0.55+0.10+22.22%
    BQP.SI
    0.165+0.015+10.00%
    K22.SI
    1.65+0.15+10.00%
    BAI.SI
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    A30.SI
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    S19.SI