The Fed Statement, indicating on the upcoming interest rate hike, led to short-term appreciation of the yellow metal. The pair formed a rising wedge pattern, which is expected to be broken to the south during this trading session. However, even then the buck is unlikely to reach the bottom trend-line of a dominant, long-term ascending channel. Such assumption is partially based on a combined support formed by the 55-, 100-, 200-hour SMAs together with the weekly PP, which are likely to restrain the fall of the rate, and partially on the fact that the pair is simultaneously moving in new junior ascending channel, which already consists of four confirmation points. However, an announcement of the new Fed Chair might create a necessary momentum to push the rate through all these barriers.
