USD/RUB 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/RUB pair has entered a channel up pattern beginning with May 26 when it bottomed out at 65. The exchange rate has rebounded the second time from the pattern's upper trend-line and at the moment it is in the middle of the downward move. The pair could hit the lower pattern line at around 66.50, where the 100 and 200-hour SMAs are located additionally, and afterwards it would move up again. However, on its way down it has already rebounded against the 55-hour SMA at 66.72, which it has not penetrated the first time and is going in for another try. In the meantime, aggregate technical indicators are forecasting a surge in the pair.
© Dukascopy Bank SA
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