Unfortunately for the buck, the assumption about an existence of a short-term ascending channel did not confirm, as the currency rate once again slipped to the monthly S1. A quite sharp fall indicated that the pair had a chance bypass this support level, but in the early Thursday morning the Greenback started to actively recover ahead of the Jackson Hole symposium. An aggregate of technical indicators suggests the pair will continue to move downwards despite the two failed attempts to slide below the 108.82 level. That might be true, especially taking into account that the pair is simultaneously moving a senior descending channel. On the other hand, there will be also a release of the US housing data that might accelerate the fall, or help the buck to continue to recover further.
