Due to release of another set of the US inflation and consumer spending data, which did not change the overall prospect about the upcoming interest rate hike, the buck managed to drag the bullion through the 61.8% Fibo level at 1,278.96, thus confirming an existence of a new descending channel. Although this breakthrough happened a little bit earlier than expected, but it still perfectly fit into the general picture, in which the rate was expected to gradually move to the bottom, trying to reach the lower edge of a dominant ascending channel. Nevertheless, during this trading session the pair is likely to make a temporary rebound near the 1,273.14 level, which represents location of the 100-day SMA. If such scenario materializes, the junior channel might transform into a falling wedge.
