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
Mixed
Oil - US Crude
Mixed
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 1.61% Gold: 0.29% Oil - US Crude: -1.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/l6nQsHDCAW
  • 🇺🇸 Markit Manufacturing PMI Final Actual: 39.8 Expected: 39.8 Previous: 36.1 https://www.dailyfx.com/economic-calendar#2020-06-01
  • GBPUSD currently trades either side of 1.2400, continuing last week’s push higher. Get your $GBPUSD technical analysis from @nickcawley1 here: https://t.co/PIzd1KlcMC https://t.co/AXo8x8qr07
  • Heads Up:🇺🇸 ISM Manufacturing Prices due at 14:00 GMT (15min) Expected: 36 Previous: 35.3 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Heads Up:🇺🇸 Construction Spending MoM due at 14:00 GMT (15min) Expected: -6.5% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2020-06-01
  • Heads Up:🇺🇸 ISM Manufacturing PMI due at 14:00 GMT (15min) Expected: 43.6 Previous: 41.5 https://www.dailyfx.com/economic-calendar#2020-06-01
  • 🇨🇦 Markit Manufacturing PMI Actual: 40.6 Previous: 33 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.27% FTSE 100: 1.11% France 40: 1.10% Wall Street: -0.13% US 500: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/SSvDzENQ1m
  • Heads Up:🇺🇸 Markit Manufacturing PMI Final due at 13:45 GMT (15min) Expected: 39.8 Previous: 36.1 https://www.dailyfx.com/economic-calendar#2020-06-01
  • RT @C_Barraud: 🇨🇳 🇺🇸 #China Halts Some U.S. #Farm Imports, Threatening #Trade Deal - Bloomberg https://t.co/0nh9FVhg22
Dollar Soars to 8-Month High, S&P 500 Looks Vulnerable

Dollar Soars to 8-Month High, S&P 500 Looks Vulnerable

2013-02-06 04:00:00
Ilya Spivak, Head Strategist, APAC
Share:

THE TAKEAWAY: US Dollar continues to soar, pushing to the highest in eight months. S&P 500 technical positioning warns of ebbing bullish momentum, warning of reversal.

US DOLLAR TECHNICAL ANALYSIS Prices are testing resistance at 10273, the 100% Fibonacci expansion. A break above that exposes the 123.6% level at 10330. Near-term support is in the 10207-16 area, marked by the 76.4% Fib and rising channel resistance-turned-support. A drop back below that eyes the 61.8% expansion at 10181.

Forex_Analysis_Dollar_Soars_to_8-Month_High_SP_500_Looks_Vulnerable_body_Picture_4.png, Dollar Soars to 8-Month High, S&P 500 Looks Vulnerable

Daily Chart - Created Using FXCM Marketscope 2.0

S&P 500 TECHNICAL ANALYSIS – Prices are hovering above support at 1495.90, the 100% Fibonacci expansion. Negative RSI divergence warns of ebbing bullish momentum, hinting a reversal lower may be ahead. A break downward initially exposes the 1470.30-74.90 area, marked by the September 14 high and the 76.4% Fib. Initial resistance is at 1521.30, the 123.6% expansion, with a push above that aiming for the 138.2% level at 1537.00.

Forex_Analysis_Dollar_Soars_to_8-Month_High_SP_500_Looks_Vulnerable_body_Picture_3.png, Dollar Soars to 8-Month High, S&P 500 Looks Vulnerable

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices continue to hover above rising trend line support dating back to mid-May (1657.55), with a bullish Morning Star candlestick pattern arguing for an upside bias. Near-term resistance is at 1690.39, the 38.2% Fibonacci retracement, followed by a falling channel top at 1695.97. Alternatively, a drop below support targets the January 4 low at 1625.69 and the channel bottom (now at 1597.62).

Forex_Analysis_Dollar_Soars_to_8-Month_High_SP_500_Looks_Vulnerable_body_Picture_2.png, Dollar Soars to 8-Month High, S&P 500 Looks Vulnerable

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices broke lower as expected, taking out the bottom of a Rising Wedge chart formation, after putting in a bearish Dark Cloud Cover candlestick pattern. Sellers now target the 93.40-94.61 area, with a break below that exposing trend line resistance-turned-support at 91.65. The Wedge bottom (now at 98.09) has been recast as resistance. A reversal back above that aims for the January 30 high at 98.21.

Forex_Analysis_Dollar_Soars_to_8-Month_High_SP_500_Looks_Vulnerable_body_Picture_1.png, Dollar Soars to 8-Month High, S&P 500 Looks Vulnerable

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.