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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR11,955.52-12.66

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
    1.3768-0.0014-0.10%
    USDSGD=X
    1.5398+0.0021+0.13%
    EURSGD=X
    2.0259-0.0003-0.01%
    GBPSGD=X
    79.6896-0.2727-0.34%
    SGDJPY=X
    5.6406+0.0056+0.10%
    SGDHKD=X
    2.9626-0.0068-0.23%
    SGDMYR=X
    9,877.7627-2.875-0.03%
    SGDIDR=X
    4.7628+0.0046+0.10%
    SGDCNY=X
    0.9931+0.0014+0.14%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,229.80+6.00+0.49%
    GCM16.CMX
    16.45+0.19+1.19%
    SIN16.CMX
    82.23+2.07+2.59%
    ^XAU
    2.11+0.01+0.40%
    HGN16.CMX
    49.88+0.32+0.65%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.40+0.01
    ^FVX
    1.87+0.01
    ^TNX
    2.67+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.113-0.001-0.88%
    40E.SI
    3.88+0.06+1.57%
    Z74.SI
    0.3050.0000.00%
    N21.SI
    1.775-0.010-0.56%
    MC0.SI
    0.875-0.005-0.57%
    Y92.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.152+0.012+8.57%
    5OT.SI
    0.13+0.01+8.33%
    5MQ.SI
    0.98+0.08+8.29%
    5G3.SI
    0.35+0.02+6.06%
    BBP.SI
    0.795+0.045+6.00%
    BKV.SI
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    % Losers
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    BLR.SI
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    5PF.SI
    0.355-0.035-8.97%
    42E.SI
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    578.SI
    0.23-0.02-6.12%
    T18.SI