As it was anticipated, yesterday’s trading session the exchange rate spent in a flat movement between support and resistance zones located at the 1,270 and 1,275 marks. As long as there are no substantial news coming from the United States, the pair is not expected to jump above the 1,280.42 level that represents location of the monthly PP and the 100-hour SMA. The similar assumption holds for the 1,270.00 mark that is crossed by the bottom boundary of a dominant ascending channel. In larger perspective it is still unclear whether the above dominant pattern will sustain or it will be broken amid the pressure from a medium-term descending channel. Most probably until the market sentiment turns bearish the rate will manage to keep gradual advance.

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