:: S & P; P 500 Accelerates Lower purpose US Dollar Chart Setup Warns of Losses

THE TAKEAWAY: US Dollar technical positioning hints the safe-haven currency may be due for a pullback despite a sharp move lower from the S&P 500.
S&P 500 – Prices are probing through support in the 1288.00-1292.90 areamarked by the October 27 high and the 38.2% Fibonacci expansion to challenge the 50% Fib at 1273.40. A break of the latter boundary exposes the 61.8% expansion at 1258.70. The 1300.00 figure establishes the first layer of major resistance.

Daily Chart - Created Using FXCM Marketscope 2.0
CRUDE OIL – Prices are testing through support at 83.34, the 76.4% Fibonacci retracement, with a break below this boundary exposing 80.16. Highly oversold RSI studies warn that the risk of a corrective rebound may be swelling. Near-term resistance lines up in the 90.14-88.54 area, marked by the early September swing top and the 61.8% Fib.

Daily Chart - Created Using FXCM Marketscope 2.0
GOLD – Prices are testing resistance at a falling trend line set from early March, now at 1630.24. The barrier is reinforced by the 76.4% Fibonacci retracement at 1637.35, with a break higher exposing the May 1 high at 1671.49. Near-term support lines up at 1616.23, the 61.8% Fib, with a break below that opening the door for a test of the 1600/oz figure.

Daily Chart - Created Using FXCM Marketscope 2.0
US DOLLAR – Prices are showing a dramatic Shooting Star candlestick below resistance at 10316, the 76.4%Fibonacci expansion, coupled with negative RSI divergence. The setup hints a pullback may be ahead. Initial support lines up at 10220, the 61.8% level, with a break below that exposing the 10134-43 area.

Daily Chart - Created Using FXCM Marketscope 2.0

==>> EUR/NOK Approaching Test of 200-Day SMA; Above 7.65 Accelerates

EUR/Sek setbacks have once been very well supported in advance the level of 8.75 and the market appears to once more be tempting to carve a bottom for the new force to the area of 8.90 on upcoming sessions. Ultimately, only back below 8.75 deny and gives reason to worry.

USD/Sek remains very well supported on any form of dip and risk here is force to upper range several days recently by 6.88. A break above will accelerate, then just one back below 6.57 delays.

USD/Nok even though the market has been confined to a consolidation of several days, dips have been very well supported and we continue to see the evidence of a possible breach of this range in reverse. Locate rear thrust over 5.84 to confirm prejudices and to accelerate the gains. Only back under 5.65 would delay and give reason to worry.

EUR/NokLooks to be finally attempts to establish a basic shape after very well provided in recent weeks. The last break back above 7,49 triggered a a double bottom that has already achieved its goal of 7.60 area. From there, look for additional gains to 7.75 in the coming weeks. Ultimately, only return 7.45 under deadlines.