USD/RUB 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As a result of the U.S. Dollar weakness versus the Russian Ruble that started somewhere in mid-April, the pair formed an 89-bar long triangle that has a strong bearish bias due to a sharp downward slope of the upper boundary.
Now the pair is trading near the apex that will be attained later in the day. Taking into account the SWFX data – over 81% of market participants hold short positions – the upcoming breakout is likely to be a bearish one. Technical indicators also support this scenario, pointing to a possible depreciation of USD/RUB in the short– and medium-term.
© Dukascopy Bank SA
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