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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,053.83-11.51

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

Want to learn more about RSI? Watch this Video.

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3522-0.0061-0.45%
    USDSGD=X
    1.4957+0.0035+0.23%
    EURSGD=X
    1.7877+0.0066+0.37%
    GBPSGD=X
    77.8800+0.817+1.06%
    SGDJPY=X
    5.7338+0.0246+0.43%
    SGDHKD=X
    3.0132+0.023+0.77%
    SGDMYR=X
    9,716.6934+21.5137+0.22%
    SGDIDR=X
    4.9307+0.0214+0.44%
    SGDCNY=X
    1.0129-0.0068-0.67%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,339.90+19.10+1.45%
    GCQ16.CMX
    20.42+0.74+3.74%
    SIU16.CMX
    107.59+4.59+4.46%
    ^XAU
    2.19-0.03-1.53%
    HGU16.CMX
    41.91-1.01-2.35%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.10-0.04
    ^FVX
    1.51-0.05
    ^TNX
    2.23-0.05
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.485-0.010-2.02%
    5TP.SI
    0.169+0.004+2.42%
    N21.SI
    0.375+0.010+2.74%
    E5H.SI
    0.131-0.003-2.24%
    43E.SI
    0.163+0.008+5.16%
    O9E.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.21+0.05+28.83%
    AZG.SI
    0.25+0.05+25.00%
    BLZ.SI
    0.157+0.026+19.85%
    UV1.SI
    0.191+0.026+15.76%
    AZT.SI
    0.35+0.03+11.11%
    AWC.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.415-0.075-15.31%
    BLL.SI
    0.205-0.035-14.58%
    D6U.SI
    0.136-0.020-12.82%
    Y06.SI
    0.35-0.05-12.50%
    BDF.SI
    0.245-0.030-10.91%
    PA3.SI