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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,826.14+19.02

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
    1.3602+0.0014+0.11%
    USDSGD=X
    1.5512+0.0017+0.11%
    EURSGD=X
    1.9689+0.001+0.05%
    GBPSGD=X
    78.7838-0.1682-0.21%
    SGDJPY=X
    5.7065-0.0056-0.10%
    SGDHKD=X
    2.9482-0.0055-0.19%
    SGDMYR=X
    9,819.8545-6.8379-0.07%
    SGDIDR=X
    4.7852-0.0023-0.05%
    SGDCNY=X
    1.0048-0.0095-0.94%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,280.20+7.90+0.62%
    GCM16.CMX
    17.38+0.05+0.31%
    SIN16.CMX
    85.15+1.88+2.26%
    ^XAU
    2.150.00-0.07%
    HGN16.CMX
    44.03-0.29-0.65%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.21-0.03
    ^FVX
    1.75-0.04
    ^TNX
    2.61-0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.225+0.025+12.50%
    AFC.SI
    0.41-0.02-3.53%
    N21.SI
    3.77-0.01-0.26%
    Z74.SI
    1.178+0.001+0.08%
    A35.SI
    0.103-0.002-1.90%
    5I0.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.225+0.025+12.50%
    AFC.SI
    0.22+0.01+4.76%
    BFI.SI
    0.127+0.004+3.25%
    B9S.SI
    1.23+0.04+3.10%
    AIY.SI
    0.70+0.02+2.94%
    5JK.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.275-0.025-8.33%
    I85.SI
    0.50-0.04-7.41%
    M05.SI
    0.21-0.02-6.67%
    5RE.SI
    0.225-0.015-6.25%
    O9E.SI
    0.16-0.01-5.88%
    5PL.SI