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US Dollar Stalling at Chart Resistance Before Key FOMC Meeting

US Dollar Stalling at Chart Resistance Before Key FOMC Meeting

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Stalling at December High Before FOMC
  • S&P 500 Finds Interim Support Below the 1800 Figure
  • Gold Bottom May Be Set Above the $1200/oz Level

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

US DOLLAR TECHNICAL ANALYSIS – Prices rose as expected after putting in a bullish Piercing Line candlestick pattern. The advance has now stalled ahead of resistance in the 10669-85 area, marked by the December 4 high and the 38.2% Fibonacci expansion. A break upward initially targets the 50% level at 10723. Near-term support is at 10612, a former range bottom, followed by the December 10 low at 10565.

Forex_US_Dollar_Stalling_at_Chart_Resistance_Before_Key_FOMC_Meeting_body_Picture_5.png, US Dollar Stalling at Chart Resistance Before Key FOMC Meeting

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 fell as expected to find interim support in the 1773.90-78.90 area, marked by the 23.6% Fibonacci retracement and the October 30 swing high. A break downward from here exposes the 38.2% level at 1749.60. Near-term resistance is at 1813.10, the November 29 high.

Forex_US_Dollar_Stalling_at_Chart_Resistance_Before_Key_FOMC_Meeting_body_Picture_6.png, US Dollar Stalling at Chart Resistance Before Key FOMC Meeting

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS Prices may be carving out a bullish Head and Shoulders bottom chart formation. Confirmation requires a close above resistance in the 1260.84-68.84 area, marked by the October 11 low and the 38.2% Fib retracement. A break higher initially exposes the 1286.57, the 50% level. Near-term support is at 1211.44, the December 6 low.

Forex_US_Dollar_Stalling_at_Chart_Resistance_Before_Key_FOMC_Meeting_body_Picture_7.png, US Dollar Stalling at Chart Resistance Before Key FOMC Meeting

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS Prices declined as expected after putting in a bearish Dark Cloud Cover candlestick pattern. Support is in the 95.36-74 area, marked by the 14.6% Fibonacci expansion and the November 6 high. A further push below that eyes 93.90, the 23.6% Fib. Resistance is at 98.74, the October 28 high.

Forex_US_Dollar_Stalling_at_Chart_Resistance_Before_Key_FOMC_Meeting_body_Picture_8.png, US Dollar Stalling at Chart Resistance Before Key FOMC Meeting

Daily Chart - Created Using FXCM Marketscope 2.0

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

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

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