USD/RUB 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since late April, the U.S. Dollar has been tilted downwards against the Russian Ruble; this has led to a commencement of the channel down pattern on April 29.
Now the pair is trading below the 50-hour SMA at 35.1563, albeit slightly but the distance may increase before long taking into account bearish market sentiment-almost two-thirds of traders on the SWFX bet on depreciation of the pair. Technical data also supports this view. However, we should not neglect fundamentals linked with geopolitical tensions over Ukraine since this has been the predominant factor affecting USD/RUB moves for several weeks.
© Dukascopy Bank SA
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