USD/RUB 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After the Russian currency gained substantial value in the first three months of this year versus the American Dollar, this currency pair was eventually stopped by demand at 49. However, the Buck put little effort to rebound noticeably. As a result, USD/RUB created the double bottom pattern on the 4H chart. Now, however, the Dollar is in the up-trend, following a bounce off from the second bottom on May 13. Despite all, technical indicators tend to suggest that the bearish development will resume, especially in case the bulls fail to penetrate the monthly PP at 53.21. On the other hand, more than 73% of SWFX market participants are bullish on the US Dollar against the Russian Rouble.
© Dukascopy Bank SA
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