On Monday, the US Dollar was driven by neither bears nor bulls, thus resulting in a movement sideways. This stillness was broken this morning when the rate fell down to the 110.60 mark and crossed the 200-hour SMA from above. Thus, it remained stranded in a very narrow range between the 200-, 100– and 55-hour SMAs and the monthly PP in the 110.65/55 area. The previously drawn channel down was shifted to the upside, demonstrating that the Greenback has been quite sticky to the upper channel boundary. This implies that the given currency may eventually breach to the upside. However, it is not yet clear if this move will occur today. For now, the rate is likely to either move sideways near the weekly PP or trade lower along the upper channel line.
