Dollar index is torn between stimulus and Beige Book
Christophe Chevalier October 21, 2020 7:11 AM
The Fed will release its Beige Book as Nancy Pelosi said that she is hopeful for an agreement on a fiscal stimulus package this week.
Yesterday, House Speaker Nancy Pelosi said in an interview that she is hopeful for an agreement on a fiscal stimulus package this week. Later today, the U.S. Federal Reserve will release its latest economic report, the Beige Book.
From a technical point of view, on a 30-min chart, Dollar Index is on the downside and is capped by its declining 50-day moving average (in blue). The intraday RSI stands within its selling area. Readers may therefore consider the potential for further weakness as long as 93.15 is not broken to the upside. The nearest support would be set at strong horizontal support at 92.77. A second one would be set at Sept. 4 bottom at 92.66.
Source: TradingView, GAIN Capital
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