We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
More View more
Real Time News
  • The $USD may rise against the Norwegian Krone and Swedish Krona in the week ahead as panic about the #coronavirus inflames demand for anti-risk FX at the expense of cycle-sensitive assets. Get your market update from @ZabelinDimitri here:https://t.co/9Dqik0Xj2u https://t.co/VDjAH1PdA7
  • The Canadian Dollar may be at risk as crude #oil prices appeared to resume the steep decline from January. The #Yen soared as #coronavirus woes plunged stock markets across the globe $USDCAD #CAD #CrudeOil - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/02/24/Crude-Oil-Slips-As-Markets-Fret-Virus-Spread-Chance-of-Production-Cuts.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/5wDZt7f0io
  • RT @TruthGundlach: The extra yield for downgrading from BBB corporates to BB corporates got insanely narrow in December. The spread has wid…
  • CDS spreads on South Korean sovereign bonds up 4.65 basis points from #coronavirus fear pandemic
  • $USD Forecast: US Dollar Drops on Fed Cuts, Consumer Confidence Eyed Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2020/02/24/usd-forecast-us-dollar-drops-on-fed-cuts-consumer-confidence-eyed.html #Forex #FX #Trading #FOMC #DXY https://t.co/Cv7j8FHN2n
  • Nikkei Futures down over 4% following the brutal US session
  • RT @ZabelinDimitri: Feb 24: - Trump meets with Modi - German🇩🇪 IFO business confidence - New Zealand🇳🇿 retail sales - China🇨🇳 may announc…
  • The $JPY has lost out to a broadly resurgent US Dollar, with a clearly dwindling band of Yen bulls left to hope that the most recent rise has become overextended. Get your market update from @DavidCottleFX here:https://t.co/7Ndm5jiOi7 https://t.co/ikXioYKa1S
  • The markets have not been this dovish on the #Fed since October with 2 rate cuts by the end of this year full priced in with odds of a 3rd on the rise (blue line is the implied hikes/cuts via Fed funds futures for 2020). #SPX is down over 4.8% from peaks seen last week https://t.co/is6Wbl6XIz
  • #Coronavirus update on 2 U.S. companies just crossed the wires: United Airlines (-0.62% afterhours): - Withdraws 2020 forecast with 100% decline in near-term demand to China Mastercard (-2.94% afterhours): - Sees lower revenue growth in the first quarter
US Dollar Stuck at Familiar Levels in Thin Holiday Trade

US Dollar Stuck at Familiar Levels in Thin Holiday Trade

2011-12-27 04:26:00
Ilya Spivak, Sr. Currency Strategist

THE TAKEAWAYThe US Dollar is treading water near familiar technical levels as financial markets drift sideways in thin holiday trade. Gold is nearing key support.

S&P 500 – Prices continue to flirt with horizontal support-turned-resistance at 1265.30 having taken out falling trend line resistance set from the October 27 swing high. A break higher exposes 1295.10. A dip back below the trend line (now acting as minor support) opens the door for a move to 1224.40 as the first significant downside barrier.

US_Dollar_Stuck_at_Familiar_Levels_in_Thin_Holiday_Trade_body_Picture_5.png, US Dollar Stuck at Familiar Levels in Thin Holiday Trade

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL Prices are testing the top of a falling channel set from the November 17 high, now at the 100.00 figure, with a break higher targeting 101.18. Near-term support remains at 97.89. A candle in Star position hints preliminary signs of a bearish reversal may be emerging but confirmation is needed before anything can be said with confidence.

US_Dollar_Stuck_at_Familiar_Levels_in_Thin_Holiday_Trade_body_Picture_6.png, US Dollar Stuck at Familiar Levels in Thin Holiday Trade

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD Prices are drifting lower after putting in a bearish Shooting Star candlestick below support-turned-resistance at the bottom of a falling channel set from early November. The bears now aim to challenge long-term support at a trend line dating back to late October 2008, now at 1570.70. Channel resistance is now at 1613.24.

US_Dollar_Stuck_at_Familiar_Levels_in_Thin_Holiday_Trade_body_Picture_7.png, US Dollar Stuck at Familiar Levels in Thin Holiday Trade

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR Prices are treading water below resistance at 9982, the 14.6% Fibonacci retracement level. Support remains at 9925, the 23.6% Fib, and finds reinforcement in a rising trend line set from early November. A breakdown exposes 9823 while a push above immediate resistance targets the year-to-date closing high at 10081.

US_Dollar_Stuck_at_Familiar_Levels_in_Thin_Holiday_Trade_body_Picture_8.png, US Dollar Stuck at Familiar Levels in Thin Holiday Trade

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 me on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.