Forex Analysis: US Dollar Resilient Despite Sharp S&P 500 Advance

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,997.62+26.63

THE TAKEAWAY: The US Dollar managed to hold up near familiar technical levels despite a sharp rally in the S&P 500 that might have been expected to sink the haven currency.

US DOLLAR TECHNICAL ANALYSIS Prices are testing above resistance at 10044, the 32.8%Fibonacci expansion. This barrier is reinforced by rising trend line support-turned-resistance at 10064. A break above the latter level aims for the 50% level at 10082. Initial support is at 9995, the 23.6% expansion, with a reversal below that exposing a rising trend line at 9933.

Forex_Analysis_US_Dollar_Resilient_Despite_Sharp_SP_500_Advance_body_Picture_4.png, Forex Analysis: US Dollar Resilient Despite Sharp S&P 500 Advance

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices launched sharply higher in the aftermath of a deal to avert the fiscal cliff, taking out resistance at a falling trend line set from mid-September and exposing 1466.10. A break above that exposes 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, with a break below that exposing the trend line at 1441.20 and former resistance at 1432.90.

Forex_Analysis_US_Dollar_Resilient_Despite_Sharp_SP_500_Advance_body_Picture_3.png, Forex Analysis: US Dollar Resilient Despite Sharp S&P 500 Advance

l Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke above resistance at 1680.80, the 38.2% Fibonacci retracement, exposing the 50% level at 1694.82. The 1680.80 level has been recast as near-term support, with a reversal back below that aiming for the 23.6% retracementat 1663.46.

Forex_Analysis_US_Dollar_Resilient_Despite_Sharp_SP_500_Advance_body_Picture_2.png, Forex Analysis: US Dollar Resilient Despite Sharp S&P 500 Advance

Daily Chart - Created Using FXCM Marketscope 2.0

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CRUDE OIL TECHNICAL ANALYSIS Prices pushed aggressively higher, taking out resistance marked by a rising channel top set from early November challenge the 100% Fibonacci expansion at 93.25. A break above that aims for the 123.6% level at 94.51. Near-term support is in the 91.23-92.01 area, marked by the 61.8% and 76.4% Fibs respectively. A drop below this broadly exposes the 90.00 figure.

Forex_Analysis_US_Dollar_Resilient_Despite_Sharp_SP_500_Advance_body_Picture_1.png, Forex Analysis: US Dollar Resilient Despite Sharp S&P 500 Advance

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
    1.4072+0.008+0.57%
    USDSGD=X
    1.5856+0.012+0.76%
    EURSGD=X
    2.1660+0.0103+0.48%
    GBPSGD=X
    85.8112-0.7878-0.91%
    SGDJPY=X
    5.5079-0.0315-0.57%
    SGDHKD=X
    2.9737-0.0348-1.16%
    SGDMYR=X
    9,941.7559-98.3633-0.98%
    SGDIDR=X
    4.5409-0.0382-0.84%
    SGDCNY=X
    1.0047+0.0018+0.18%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,125.70+3.10+0.28%
    GCZ15.CMX
    14.47+0.03+0.19%
    SIZ15.CMX
    46.84+2.87+6.53%
    ^XAU
    2.330.00-0.13%
    HGZ15.CMX
    42.32-0.24-0.56%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.50+0.02
    ^FVX
    2.16-0.01
    ^TNX
    2.90-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.122+0.008+7.02%
    5DN.SI
    0.520.00+0.97%
    N21.SI
    0.310.000.00%
    5WA.SI
    0.310.00+1.64%
    E5H.SI
    3.80-0.05-1.30%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.152+0.041+36.94%
    5MD.SI
    0.25+0.05+21.95%
    5NF.SI
    0.205+0.036+21.30%
    NO4.SI
    0.42+0.07+20.00%
    AZT.SI
    0.25+0.03+16.28%
    A7S.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
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    Y06.SI
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    AXL.SI
    0.098-0.022-18.33%
    5UA.SI
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    40R.SI
    0.101-0.017-14.41%
    T08.SI