As it was expected, the currency exchange rate reached and bounced off from the monthly S1 located at the 108.82 level. In result of this action, the junior short-term channel has been broken.
Unfortunately for the buck, the further surge did not follow and it is not expected to resume today as well, as the road upstairs is obstructed by multiple barriers, such as the 55-, 100- and 200-hour SMAs as well as the updated weekly PP at 109.59.
Thus, the pair is expected to try to break through the above monthly S1 one more time and, thus, finally reach the bottom line of a larger scale descending channel.
