Range Markets

Due to anticipation of the upcoming decision on the interest rate hike, the exchange rate continued to move horizontally between the 55-hour SMA and the monthly S2 from the top as well as the 50% Fibonacci retracement level and the weekly S1 from the bottom.

Until release of data on the American inflation the rate is expected to continue its steady movement around the 1,244.00 mark. Subsequently, the pair might temporarily surge to the 100-hour SMA located near the 1,250.00 level.

However, the fact that southern side is practically barrier-free and the rate is fluctuating in a two-week long descending channel suggests that the further advance to the top is unlikely.

Leave a Reply

Your email address will not be published. Required fields are marked *