During the last trading session the exchange rate expectedly tried to break through the upper boundary of a senior descending channel.
In the middle of the day it even managed to reach the alleged resistance zone near 1,259.00 but then was forced to retreat.
Today these attempts are expected to resume due to continuous pressure exercised by the 55 SMA. However, the growing optimist related to adoption of tax bill by the Congress is likely to result in ultimate appreciation of the buck.
On the other hand, an effect from this fundamental event might not be especially sharp due to existence of a strong support zone located around the 1,254.00 mark that is backed up by the 200-hour SMA.
