In line with expectations, yesterday the buck relentlessly tried to break though the combined support level formed by the monthly PP, the 200-hour SMA and the ascending channel’s bottom boundary. As it was suspected, it managed to slightly overstep beyond the barrier. However, the downside momentum was not strong enough to fix the result. Today the pair is expected to make one more unsuccessful attempt to slip to the bottom. The only difference is that this time the southern side will be additionally secured by the weekly PP at 1.1881. Similarly to the previous trading day, it might break to the bottom. But, in any case, the fall is not expected to go below the 1.1840-50 mark, as it represents a location of the dominant ascending channel’s lower trend-line.
