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

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,076.47-30.59

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
    1.3947-0.0021-0.15%
    USDSGD=X
    1.5747-0.0023-0.15%
    EURSGD=X
    2.0175-0.0033-0.16%
    GBPSGD=X
    82.0448-0.3686-0.45%
    SGDJPY=X
    5.5876+0.0051+0.09%
    SGDHKD=X
    2.9838-0.0033-0.11%
    SGDMYR=X
    9,643.3066-86.0879-0.88%
    SGDIDR=X
    4.7141+0.07+1.51%
    SGDCNY=X
    0.9830-0.0052-0.53%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,192.00-6.60-0.55%
    GCJ16.CMX
    15.26-0.19-1.26%
    SIH16.CMX
    54.34-2.43-4.28%
    ^XAU
    2.03-0.01-0.34%
    HGH16.CMX
    28.48+0.54+1.93%
    CLH16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.150.00
    ^FVX
    1.73-0.01
    ^TNX
    2.55-0.01
    ^TYX

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  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.32-0.01-3.03%
    N21.SI
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    Z74.SI
    1.615-0.065-3.87%
    MC0.SI
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    G13.SI
    2.89-0.10-3.34%
    C31.SI
  • % Gainers
    % Gainers
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    0.22+0.06+37.50%
    5WR.SI
    0.40+0.06+17.65%
    MN5.SI
    62.06+7.42+13.58%
    NF6.SI
    0.188+0.018+10.59%
    D79.SI
    34.85+3.03+9.52%
    NF4.SI
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    S9B.SI
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    H1O.SI
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    BJE.SI