News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/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
Oil - US Crude
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
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
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
Bearish
More View more
Real Time News
  • $USDCHF fell back below the 0.9200 level today, hitting a fresh six week low. The US Treasury removed the currency manipulator label from Switzerland earlier today. $USD $CHF https://t.co/IjSkZgmzew
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.37% 🇨🇭CHF: 0.37% 🇬🇧GBP: 0.25% 🇯🇵JPY: -0.07% 🇦🇺AUD: -0.19% 🇳🇿NZD: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/mrrJhI6OQD
  • Fed's Kaplan: - US economy to expand around 6.5% in 2021 - Vaccines will outpace growth of variants in the US #Fed $USD
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.21% France 40: 0.81% Wall Street: 0.42% FTSE 100: 0.32% US 500: 0.22% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/VMIGdHYoL4
  • The Treasury's FX Manipulator designation list is clear as of this morning's update yet the SNB reiterated currency intervention is necessary as part of its monetary policy but it's 'not manipulation'. Hmm.
  • The Pound faces short-term risks which are putting pressure on an overly optimistic start of the year. EUR/GBP buyers consolidate further upside momentum. Get your $EURGBP market update from @HathornSabin here:https://t.co/G4tNYbYSLE https://t.co/XPErcUKT8A
  • - Fed's dot plot of forecasts on rates isn't helping us - Markets are getting ahead of themselves in terms of expecting rate hikes
  • Fed's Waller: - I think the economy is "ready to rip" - Temporary factors will push up inflation, so long as expectations remain anchored we're ok - Fed isn't going to sit still and let inflation rip #Fed $USD
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: 0.80% Silver: 0.72% Oil - US Crude: -0.68% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/TSbPggx2CP
  • RT @NYFedResearch: The majority of businesses say they expect to see a rebound in revenues post-pandemic in response to special questions i…
US Dollar Chart Setup Favors Gains, SPX 500 Still Vulnerable

US Dollar Chart Setup Favors Gains, SPX 500 Still Vulnerable

Ilya Spivak, Head Strategist, APAC

Talking Points

  • US Dollar Pulls Back from 5-Week High, Outlook Still Favors Gains
  • S&P 500 Corrects Higher But Topping Chart Formation Still Valid
  • Gold Prices Aiming Below 1300 Figure After Clearing Fib Support

Can’t access to the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices broke resistance at 10529, the 38.2% Fibonacci retracement level, exposing the 50% level at 10583. A further push beyond that eyes the 10625-37 area, marked by the underside of a rising trend line set from early April and the 61.8% Fib. Alternatively, a move back below 10529 targets falling trend line resistance-turned-support at 10486.

Forex_US_Dollar_Chart_Setup_Favors_Gains_SPX_500_Still_Vulnerable_body_Picture_5.png, US Dollar Chart Setup Favors Gains, SPX 500 Still Vulnerable

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 put in a Bearish Engulfing candlestick pattern, arguing for a reversal downward. Initial support is at 1747.70, the 23.6% Fibonacci retracement. A break below that initially exposes the 38.2% level at 1728.50. Near-term resistance is at 1778.90, the October 30 high.

Forex_US_Dollar_Chart_Setup_Favors_Gains_SPX_500_Still_Vulnerable_body_Picture_6.png, US Dollar Chart Setup Favors Gains, SPX 500 Still Vulnerable

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices broke below support at 1318.73, the 23.6% Fibonacci expansion, exposing the 38.2% level at 1292.15. A further push beneath that eyes the 50% Fib at 1270.67. Alternatively, a move back above 1318.73 sees the next major level of resistance at 1361.70, the October 28 swing high.

Forex_US_Dollar_Chart_Setup_Favors_Gains_SPX_500_Still_Vulnerable_body_Picture_7.png, US Dollar Chart Setup Favors Gains, SPX 500 Still Vulnerable

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices are testing support are the bottom of a falling channel set from late August (93.82), with a break downward targeting the 100% Fibonacci expansion at 93.18. Near-term resistance is at 95.82, the 76.4% level. A reversal back above that targets the 61.8% Fib at 97.45.

Forex_US_Dollar_Chart_Setup_Favors_Gains_SPX_500_Still_Vulnerable_body_Picture_8.png, US Dollar Chart Setup Favors Gains, SPX 500 Still Vulnerable

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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

DISCLOSURES