Dollar index : US PMIs in focus

US PMIs due to be released today should show a rebound of the activity.

USA (2)

Today will be published the first reading regarding the US PMIs for June. Manufacturing PMI is expected to climb to 48 from 39.8 in May, while Services PMI should increase to 46.5 from 37.5. 

From a technical point of view, on a daily chart, the US dollar index has broken below a rising trend line and is capped by its declining 50-day moving average (in blue). The daily RSI remains within its selling area. Readers may therefore consider the potential for further weakness below horizontal resistance at 99.00. The nearest support would be set at 95.70 (June bottom) and a second one would be set at 94.60 (March low) in extension.

Source : TradingVIEW, Gain Capital

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