ISM Day in the U.S.
Christophe Chevalier August 3, 2020 1:48 AM
The U.S. July ISM Manufacturing Index will be expected at 53.6 later today, it stood at 52.6 in June.
Later today in the U.S., July ISM Manufacturing Index will be expected at 53.6, it stood at 52.6 in June. June Construction Spending are expected at +1.0% on month. Also, Final estimation of July Markit Manufacturing PMI will be expected at 51.3.
From a technical point of view, on a daily chart, Dollar Index has validated a bearish flag and remains on the downside, 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 96.30 is not broken to the upside. The nearest support would be set at horizontal support at 92.30. A second one would be set at previous overlap at 91.00.
Source: TradingView, GAIN Capital
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