Forex Analysis: US Dollar, S&P 500 Look for Direction at Familiar Levels

THE TAKEAWAY: The US Dollar and the S&P 500 continue to languish in search of directional conviction as prices hover near familiar technical barriers.

US DOLLAR TECHNICAL ANALYSIS– Prices are testing resistance at 9982, the 50% Fibonacci retracement, with a break higher targeting a rising channel top at 10012 and the 61.8% level at 10038. Near-term trend line support is at 9949, with a drop below that exposing the 38.2% Fib at 9925.

Forex_Analysis_US_Dollar_SP_500_Look_for_Direction_at_Familiar_Levels_body_Picture_5.png, Forex Analysis: US Dollar, S&P 500 Look for Direction at Familiar Levels

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are testing support at 1369.40, the 50% Fibonacci retracement level, after taking out the 38.2% level at 1394.30. A break downward exposes the 61.8% Fib at 1344.50. The 1394.30 level has been recast as resistance, with a reversal back above that targeting the 1424.90-30.90 area.

Forex_Analysis_US_Dollar_SP_500_Look_for_Direction_at_Familiar_Levels_body_Picture_6.png, Forex Analysis: US Dollar, S&P 500 Look for Direction at Familiar Levels

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1732.33, the 23.6% Fibonacci retracement. A push above that targets the 1790.55-1802.80 area. Near-term support is at 1693.06, the 38.2% Fib, a barrier reinforced by a rising trend line set from late June (now at 1684.23). A drop beneath the latter level targets the 50% Fib at 1661.32.

Forex_Analysis_US_Dollar_SP_500_Look_for_Direction_at_Familiar_Levels_body_Picture_7.png, Forex Analysis: US Dollar, S&P 500 Look for Direction at Familiar Levels

Daily Chart - Created Using FXCM Marketscope 2.0

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CRUDE OIL TECHNICAL ANALYSIS– Prices continue to hover above the 50%Fibonacci expansion at 83.76.A break below that exposes 80.00 figure and the 61.8% level at 7978. Resistance is at 87.66, marked by the 38.2% Fib and a falling trend line set from the September 14 high. A push above that aims for the 90.00 figure and the 23.6% expansion at 92.53.

Forex_Analysis_US_Dollar_SP_500_Look_for_Direction_at_Familiar_Levels_body_Picture_8.png, Forex Analysis: US Dollar, S&P 500 Look for Direction at Familiar Levels

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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