US Dollar Breaks 2-Month Support, S&P 500 Slide Continues

August 10, 2013

NEW YORK (Aug 10)  The US Dollar and the S&P 500 continue to decline in tandem, with the stock index down for a third day as the benchmark currency broke key chart support.

US DOLLAR TECHNICAL ANALYSIS – Prices took out support at a rising trend line set from mid-June, with sellers now aiming to challenge the 61.8% Fibonacci expansion at 10702. A break below this barrier exposes the 76.4% level at 10656. Near-term resistance is at 10739, the 50% Fib, followed by the trend line (now at 10751).

Forex_US_Dollar_Breaks_2-Month_Support_SP_500_Slide_Continues_body_Picture_5.png, US Dollar Breaks 2-Month Support, S&P 500 Slide Continues

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