Forex Analysis: US Dollar Stalls at Resistance as S&P 500 Bounces

RELATED QUOTES

SymbolPriceChange
^USDOLLAR12,018.44+20.82

THE TAKEAWAY:The US Dollar has stalled below technical resistance as the S&P 500 has once again managed to hold up above the stubbornly resilient 1400 level.

US DOLLAR TECHNICAL ANALYSIS Prices narrowly edged though resistance-turned-support at 9963, the 38.2% Fibonacci retracement. Sellers now aim to target 9868-77 area, marked by a rising channel bottom set from mid-September and a falling channel top established from the June 1 high. Resistance is at the 10000 figure, with a break above that aiming for the 50% Fib at 10032.

Forex_Analysis_US_Dollar_Stalls_at_Resistance_as_SP_500_Bounces_body_Picture_5.png, Forex Analysis: US Dollar Stalls at Resistance as S&P 500 Bounces

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are retesting support-turned-resistance in the 1424.90-30.90 area, with a break higher aiming to challenge the underside of a rising channel set from the June 4 swing low (now at 1450.30). Near-term support lines up at the 1400 figure, with added reinforcement offered by the 38.2% Fibonacci retracement at 1394.30. A drop below the latter level targets the 50% Fib at 1369.40.

Forex_Analysis_US_Dollar_Stalls_at_Resistance_as_SP_500_Bounces_body_Picture_6.png, Forex Analysis: US Dollar Stalls at Resistance as S&P 500 Bounces

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices bounced from support at 1671.83, the 50% Fibonacci retracement level reinforced by a rising trend line set from late June, to reclaim a foothold above the 1700/oz figure. The bulls now aim to challenge the 23.6% retracement at 1737.29. Near-term support is at 1701.09, the 38.2% Fib.

Forex_Analysis_US_Dollar_Stalls_at_Resistance_as_SP_500_Bounces_body_Picture_7.png, Forex Analysis: US Dollar Stalls at Resistance as S&P 500 Bounces

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

CRUDE OIL TECHNICAL ANALYSIS Prices shot higher to take out resistance at 87.66, the 38.2%Fibonacci expansion, exposing falling trend line set from late September (now at 91.09) as the next upside barrier. This is reinforced by the 23.6% expansion at 92.53, with a break above that aiming for long-term trend line resistance at 96.37. The 87.66 level has been recast as near-term support, with a drop below that eyeing the 50%Fib at 83.76.

Forex_Analysis_US_Dollar_Stalls_at_Resistance_as_SP_500_Bounces_body_Picture_8.png, Forex Analysis: US Dollar Stalls at Resistance as S&P 500 Bounces

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.40880.000.00%
    USDSGD=X
    1.57510.000.00%
    EURSGD=X
    2.16840.000.00%
    GBPSGD=X
    86.40380.000.00%
    SGDJPY=X
    5.5020+0.0011+0.02%
    SGDHKD=X
    2.96130.000.00%
    SGDMYR=X
    10,015.67580.000.00%
    SGDIDR=X
    4.5355-0.0031-0.07%
    SGDCNY=X
    1.00940.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,133.40+10.80+0.96%
    GCZ15.CMX
    14.57+0.14+0.96%
    SIZ15.CMX
    48.82+1.99+4.24%
    ^XAU
    2.35+0.02+0.94%
    HGZ15.CMX
    45.26+2.70+6.34%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.52+0.04
    ^FVX
    2.19+0.02
    ^TNX
    2.91+0.01
    ^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
    0.205-0.095-31.67%
    Y06.SI
    0.77-0.23-23.00%
    AXL.SI
    0.098-0.022-18.33%
    5UA.SI
    0.11-0.02-15.38%
    40R.SI
    0.101-0.017-14.41%
    T08.SI