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US Dollar Breaks Higher Ahead of Fed Policy Announcement

US Dollar Breaks Higher Ahead of Fed Policy Announcement

2013-07-31 04:48:00
Ilya Spivak, Head Strategist, APAC
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THE TAKEAWAY: The US Dollar took out chart resistance to hint at gains ahead even as markets brace for heavy-duty event risk by way of the FOMC monetary policy announcement.

Don’t have access the Dow Jones FXCM US Dollar Index? Try the USD basket via Mirror Trader as an alternative. **

US DOLLAR TECHNICAL ANALYSIS – Prices broke above resistance the top of a Flag chart pattern, hinting at bullish continuation ahead. Initial resistance is at 10820, the 23.6% Fibonacci expansion, with a break above that targeting the 38.2% level at 10899. Near-term support is at 10693, the July 29 swing low.

Forex_US_Dollar_Breaks_Higher_Ahead_of_Fed_Policy_Announcement_body_Picture_5.png, US Dollar Breaks Higher Ahead of Fed Policy Announcement

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices are drifting sideways having pulled back from the 1700 figure to retest resistance-turned-support at 1687.40, the May 22 swing high.A reversal back below this barrier exposes the 76.4% Fibonacci expansion at 1675.10. Alternatively, a push above 1700 aims for the 100% level at 1710.90.

Forex_US_Dollar_Breaks_Higher_Ahead_of_Fed_Policy_Announcement_body_Picture_6.png, US Dollar Breaks Higher Ahead of Fed Policy Announcement

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices put in a Bearish Engulfing candlestick pattern below resistance at the top of a rising channel set from late June, hinting a move lower is ahead. Channel bottom support is now at 1317.10, with a break beneath that initially targeting the 23.6% Fibonacci expansion at 1273.98. Near-term resistance is at 1347.57, the July 24 high, followed by the channel top at 13847.51.

Forex_US_Dollar_Breaks_Higher_Ahead_of_Fed_Policy_Announcement_body_Picture_7.png, US Dollar Breaks Higher Ahead of Fed Policy Announcement

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices turned lower as expected. Sellers are now testing support at 102.70, the 38.2% Fibonacci retracement, with a break lower targeting the 50% level at 100.79. Near-term resistance is at 105.06, the 23.6% Fib.

Forex_US_Dollar_Breaks_Higher_Ahead_of_Fed_Policy_Announcement_body_Picture_8.png, US Dollar Breaks Higher Ahead of Fed Policy Announcement

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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