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Dollar Breaks Key Support, SPX 500 Eyeing Resistance Near 1800

Dollar Breaks Key Support, SPX 500 Eyeing Resistance Near 1800

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Breaks Three-Month Channel Floor
  • S&P 500 Rebound Eying Trend Line Resistance
  • Crude Oil Back to Retest December’s Swing Top

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

US DOLLAR TECHNICAL ANALYSISPrices broke below key support at 10661, a barrier marked by the bottom of a rising channel set from late November 2013 and the 23.6% Fibonacci retracement. Sellers now target the 38.2% level at 10602, with a further push below that aiming for the 50% Fib at 10555. Alternatively, a reversal back above the channel bottom (now at 10668) aims for a horizontal pivot level at 10718.

Forex_Dollar_Breaks_Key_Support_SPX_500_Eyeing_Resistance_Near_1800_body_Picture_5.png, Dollar Breaks Key Support, SPX 500 Eyeing Resistance Near 1800

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 ANALYSISPrices are approaching resistance at 1802.60, trend line set from late October that formerly acted as support. A break above this barrier targets a familiar price cluster in the 1809.60-20.60. Alternatively, a move below pivot support at 1773.40 aims for a trend line set from February 2013, now at 1743.50.

Forex_Dollar_Breaks_Key_Support_SPX_500_Eyeing_Resistance_Near_1800_body_Picture_6.png, Dollar Breaks Key Support, SPX 500 Eyeing Resistance Near 1800

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices are testing resistance at 1276.22, the 38.2% Fibonacci expansion, with a break higher exposing the 50% level at 1288.05. Alternatively, a reversal below the 23.6% Fib at 1261.59 aims for a rising trend line set from early January, now at 1247.33.

Forex_Dollar_Breaks_Key_Support_SPX_500_Eyeing_Resistance_Near_1800_body_Picture_7.png, Dollar Breaks Key Support, SPX 500 Eyeing Resistance Near 1800

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSISPrices are testing the lower bound of a resistance cluster defined by the late December swing top in the 99.92-100.19 area (50% Fibonacci expansion, December 27 close). The upper boundary of the cluster is in the 100.73-8 region (61.8% Fib, December 27 high), with a break above that exposing the 76.4% Fib at 101.86. Alternatively, a move below support at 99.05 (38.2% Fib) exposes 97.97 (23.6% Fib).

Forex_Dollar_Breaks_Key_Support_SPX_500_Eyeing_Resistance_Near_1800_body_Picture_8.png, Dollar Breaks Key Support, SPX 500 Eyeing Resistance Near 1800

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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