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
EUR/USD
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bearish
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.64%, while traders in France 40 are at opposite extremes with 82.25%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/GydcC89r6A
  • I wonder if this will come up in the analyst call? $WMT https://t.co/SXdBcMdT31
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.94% Gold: 0.32% Silver: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/tjoGuvhsCt
  • Heads Up:🇺🇸 USD Powell Appears Before House Budget Committee due at 15:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2019-11-14
  • China's President Xi: - Moving towards closer relationship with Latin America
  • China's President Xi: - Increase in protectionism creates deficits in government $USDCNH
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: France 40: -0.11% Wall Street: -0.11% US 500: -0.15% Germany 30: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/6UPif8JxXB
  • Chicago Fed President Evans: - Assessing Libra's impact potential is critical $DXY
  • $EURUSD: A double low at 1.0940 may stem losses before a re-test of 1.0926 and the October 1 multi-month low at 1.0879. Get your $EURUSD market update from @nickcawley1 here:https://t.co/Jz4xTdSRpG https://t.co/RrbUWie0Fg
  • RT @LiveSquawk: Chinese President Xi: Restoring Order And Stopping Violence Is The Most Urgent Task For Hong Kong Right Now – RTRS
Forex Analysis: US Dollar Continues Higher as S&P 500 Slump Continues

Forex Analysis: US Dollar Continues Higher as S&P 500 Slump Continues

2012-11-16 03:43:00
Ilya Spivak, Sr. Currency Strategist
Share:

THE TAKEAWAY: The US Dollar continued higher through another layer of technical resistance as the S&P 500 remained under pressure, boosting haven demand for the greenback.

US DOLLAR TECHNICAL ANALYSIS Prices took out resistance at the top of a rising channel established from mid-September, exposing the 61.8% Fibonacci retracement at 10038. A push above that targets the 76.4% retracement at 10109. The channel top – now at 10021 – has been recast as support, with a push back below that aiming for the 50% level at 9982.

Forex_Analysis_US_Dollar_Continues_Higher_as_SP_500_Slump_Continues_body_Picture_5.png, Forex Analysis: US Dollar Continues Higher as S&P 500 Slump Continues

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_Continues_Higher_as_SP_500_Slump_Continues_body_Picture_6.png, Forex Analysis: US Dollar Continues Higher as S&P 500 Slump Continues

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices are turning lower resistance at 1732.33, the 23.6% Fibonacci retracement. 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 1688.55). A drop beneath the latter level targets the 50% Fib at 1661.32. Alternatively, a push above resistance targets the 1790.55-1802.80 area

Forex_Analysis_US_Dollar_Continues_Higher_as_SP_500_Slump_Continues_body_Picture_7.png, Forex Analysis: US Dollar Continues Higher as S&P 500 Slump Continues

Daily Chart - Created Using FXCM Marketscope 2.0

Want to learn more about RSI? Watch this Video.

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 86.67, 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_Continues_Higher_as_SP_500_Slump_Continues_body_Picture_8.png, Forex Analysis: US Dollar Continues Higher as S&P 500 Slump Continues

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.

DISCLOSURES

News & Analysis at your fingertips.