USD/RUB 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a bearish correction that took place early February came to an end, the U.S. Dollar resumed appreciation relative to the Russian Rouble. As a result, the currency pair formed a channel up pattern. However, it must be noted that both trend-lines are still not reliable, being that the market respected them only on a few occasions. Nevertheless, they create a significant resistance and support at 36.37 and 35.68 respectively.
In the meantime, while the four-hour and weekly technical indicators reinforce the bullish outlook, the sentiment of the SWFX market participants is strongly bearish—74% of open positions are short.
© Dukascopy Bank SA
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