Descending Path Ahead, Support Levels Beckon

May 24, 2023The KCS currency has exhibited a consistent downward trajectory over the previous month, having breached the support levels within the range of $7.93 to $7.65. Consequently, the currency is currently declining towards the lower support range of $6.90 to $6.60. Notably, the price remains confined within the primary descending channel, indicating a prevailing downward trend across various time frames. To illustrate this, a minor support level has been depicted on the chart, and should a positive response materialize within this range, it may indicate a potential corrective wave within the overall downtrend. This corrective wave could potentially extend towards the resistance zone around $7.40. However, ultimately, a continued descent towards the anticipated support level of $7 is anticipated.