Dollar index: Chicago PMI expected

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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


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