Forex Analysis: US Dollar Springs Higher as S&P 500 Sinks Past Support

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,050.76+13.14

THE TAKEAWAY: The US Dollar pushed higher to challenge key technical resistance as the S&P 500 sank downward, boosting demand for the go-to safe haven currency.

US DOLLAR TECHNICAL ANALYSIS Prices took out resistance at 9982, the 50% Fibonacci retracement, with buyers now challenging the top of a rising channel established from mid-September (10020). This barrier is reinforced by the 61.8% Fib at 10038. A push above the latter boundary exposes the 76.4% retracement at 10109. The 9982 level has been recast as support, with a drop below that exposing the 38.2% mark at 9925.

Forex_Analysis_US_Dollar_Springs_Higher_as_SP_500_Sinks_Past_Support_body_Picture_5.png, Forex Analysis: US Dollar Springs Higher as S&P 500 Sinks Past Support

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices broke support at 1369.40, the 50% Fibonacci retracement level, exposing the 61.8% level at 1344.50 as the next downside objective. The 1369.40 level has been recast as resistance, with a reversal back above that targeting the 38.2% Fib at 1394.30.

Forex_Analysis_US_Dollar_Springs_Higher_as_SP_500_Sinks_Past_Support_body_Picture_6.png, Forex Analysis: US Dollar Springs Higher as S&P 500 Sinks Past Support

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 1687.00). A drop beneath the latter level targets the 50% Fib at 1661.32.

Forex_Analysis_US_Dollar_Springs_Higher_as_SP_500_Sinks_Past_Support_body_Picture_7.png, Forex Analysis: US Dollar Springs Higher as S&P 500 Sinks Past Support

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 86.95, marked by a falling trend line set from the September 14 high and reinforced by the 38.2% Fib 87.66. A push above that aims for the 90.00 figure and the 23.6% expansion at 92.53.

Forex_Analysis_US_Dollar_Springs_Higher_as_SP_500_Sinks_Past_Support_body_Picture_8.png, Forex Analysis: US Dollar Springs Higher as S&P 500 Sinks Past Support

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
    1.3722-0.0042-0.30%
    USDSGD=X
    1.4738-0.0161-1.08%
    EURSGD=X
    2.0384+0.0007+0.04%
    GBPSGD=X
    87.4528+0.1635+0.19%
    SGDJPY=X
    5.6491+0.0149+0.26%
    SGDHKD=X
    2.6985+0.0006+0.02%
    SGDMYR=X
    9,522.5273+6.0303+0.06%
    SGDIDR=X
    4.5183+0.0069+0.15%
    SGDCNY=X
    1.0473-0.0059-0.56%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,186.30+1.50+0.13%
    GCJ15.CMX
    16.670.00+0.01%
    SIK15.CMX
    65.75-0.77-1.15%
    ^XAU
    2.77-0.02-0.58%
    HGK15.CMX
    48.11-0.57-1.17%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.38-0.04
    ^FVX
    1.94-0.03
    ^TNX
    2.54-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.2850.0000.00%
    5WA.SI
    0.172+0.002+1.18%
    5GB.SI
    0.131-0.003-2.24%
    E13.SI
    0.183+0.016+9.58%
    A50.SI
    0.425-0.010-2.30%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.15+0.04+36.36%
    5IF.SI
    0.148+0.018+13.85%
    L10.SI
    0.155+0.018+13.14%
    K14.SI
    0.139+0.016+13.01%
    P36.SI
    0.169+0.019+12.67%
    5PI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.11-0.03-23.61%
    5GF.SI
    0.22-0.03-12.00%
    O08.SI
    0.22-0.03-10.20%
    5WJ.SI
    0.116-0.013-10.08%
    V69.SI
    0.29-0.03-9.38%
    40U.SI