Dollar index: Chicago PMI expected
Christophe Chevalier December 30, 2020 5:35 PM
US Chicago PMI and wholesale inventories will be published later today.
Later today, the Market News International will report Chicago PMI for December (56.3 expected). The U.S. Commerce Department will release November wholesale inventories (+0.6% on month expected). Pending home sales will also be published.
From a technical point of view, on a daily chart, Dollar Index is trading within a bearish channel and is capped by its declining 50-day moving average (in blue). The daily RSI stands within its selling area. Readers may therefore consider the potential for further weakness as long as 92.00 is not broken to the upside. The nearest support would be set at March 2018 bottom at 88.90. A second one would be set at February 2018 low at 88.25.
Source: TradingView, GAIN Capital
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.