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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2020? Find out from @JohnKicklighter here:
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears..Get your $USDCHF market update from @FxWestwater here:
  • The US Dollar lost ground to most ASEAN currencies as Emerging Market assets climbed despite US economic woes. USD/INR is eyeing third-quarter Indian GDP at the end of the week. Get your market update from @ddubrovskyFX here:
  • The global stock market can be categorized into specific groups or ‘stock market sectors’. Organizing the vast number of stocks in this way helps traders to view assets in a more manageable way. Get your stock market sectors basics here:
  • The Euro looks poised to continue gaining ground against haven-associated currencies and may reverse higher against the British Pound in the near term. Get your #Euro market update from @DanielGMoss here:
  • Gold and silver prices have come under significant pressure recently. However, this correction lower could prove short-lived as price analysis hints at a reversal higher. Get your $XAUUSD market update from @DanielGMoss here:
  • The S&P 500, Dow Jones and crude oil prices have recently made critical advances to the upside. Is retail positioning supporting the case for further upside momentum?
  • An improving economic backdrop is bolstering crude oil prices and in turn, the Canadian Dollar. Still, the risk-sensitive Australian Dollar continues to move higher. Get your market update from @FxWestwater here:
  • Gold Price Forecast: Dovish FOMC Could Underpin Bullion Ahead of NFP - #Gold #XAUUSD $GOLD $GLD
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.42% 🇦🇺AUD: 0.35% 🇳🇿NZD: 0.30% 🇨🇦CAD: 0.20% 🇯🇵JPY: 0.16% 🇬🇧GBP: -0.33% View the performance of all markets via
USDOLLAR at Fibonacci Support

USDOLLAR at Fibonacci Support

2012-01-10 14:31:00
Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos (educational)

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Morning Comments:

S&P future – Futures are at their highest since August 1st and approaching the 1300 figure. There is also trendline resistance from the May and July highs at 1307 today. Support for today’s US session is 1286.25-1282.75. A drop under 1274.50 would warn of a reversal.

USDOLLAR (Ticker: USDOLLAR): Is testing the 50% retracement of the 9856-10039 rally at 9948. I’m on the lookout for formation of a low from the current level down to 9923 (former pivot and 61.8% retracement).

USDOLLAR_Support_body_usdollar.png, USDOLLAR at Fibonacci Support

Prepared by Jamie Saettele, CMT

EURUSD – Is testing resistance from Friday’s high at 12812. 12840/50 is measured resistance and former congestion and potential resistance if reached. It is worth noting that the EURUSD nearly made a key reversal yesterday (volatility condition (day’s range >= 20 day ATR) was not met) but the EURGBP and EURJPY did make key reversals yesterday. Structurally, I am looking for one more low into the August 2010 low at 12590 before a violent reversal.

GBPUSD – 5 waves down from 15670 give scope to an eventual break below 15360 and probably a test of the October low at 15271. Additional strength would face resistance at 15525.

AUDUSD – Reversed before the 20 day average yesterday but a bearish outcome is possible below 10385 (shorts favored below there). Exceeding that level would shift focus to the 11/3 high at 10446 and a confluence of channel resistance and trendline resistance near 10500. 10275 is support today.

USDOLLAR_Support_body_audusd.png, USDOLLAR at Fibonacci Support

NZDUSD – Has exceeded the 1/3 high and focus is now on the 100% extension of the rally from 7370 at 7969 and the 11/7 high at 7997. Supports are 7915 and 7890.

USDJPY – The rally from 7660 and decline from 7733 probably compose wave a and b of an a-b-c corrective rally. The implications are for a rally into 7750 (100% extension of rally from 7660) before the larger downtrend resumes.

USDCAD – After reversing yesterday from the trendline that extends off of November and December highs, the USDCAD has plummeted into former support from 10170. Resistance is now 10210 and 10245.

USDOLLAR_Support_body_usdcad.png, USDOLLAR at Fibonacci Support

USDCHF – Carved out a key reversal yesterday at its highest level since February 2011. Structurally, the USDCHF may see one more high to complete a diagonal from 9243 but yesterday’s action is the first ‘reversal action’ since 12/15.

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for

To contact Jamie e-mail Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to

Jamie is the author of Sentiment in the Forex Market.

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