In line with expectations, first half of the previous trading session the currency rate spent in a limbo between the 55- and 100-hour SMAs and then slipped to the weekly PP at 113.10. It appears that this movement confirmed existence of a new minor descending channel. If this assumption is true, then the rate is expected to make another attempt to test the above support barrier. The positive sentiment on the buck points out on a new rebound. However, the additional pressure from two moving averages might help to push it lower. But even if this scenario materializes, the plunge should not exceed the 113.00 level, as it is secured by the 200-hour SMA and the 50% Fibonacci retracement level.
