USD/RUB 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although 41.15 represents a heavy resistance, the buying pressure is intensifying—every new test of this level results in a smaller sell-off. Accordingly, there is a strong argument in favour of a break-out to the upside, especially since the daily technical indicators are bullish. In this case the next target will be the weekly R2 at 41.64, but we can expect an even larger rally, up to the monthly R2 at 41.90. But if the bulls fail to keep the price above the up-trend above 41, there is likely to be a dip down to 40.80/70 area, where the 200-hour SMA coincides with the weekly PP and monthly R1. At the same time, the sentiment is bullish—58% of open positions are long.
© Dukascopy Bank SA
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