USD/RUB 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having hit a five-year high of 36.8866, USD/RUB lost some ground but the weakness was short-lived as shortly after a drop to a six-week low of 34.9468 the pair embarked upon formation of the bullish corridor. Given escalating tensions in Ukraine, the pair is likely to remain highly vulnerable to fundamentals. However, technical data also should not be neglected. Technical indicators are neutral for short and medium terms but send a bullish signal for a long-term. Another factor worth looking at is market sentiment that contradicts to the technical signals. The SWFX data shows that about 70% of traders bet on further depreciation of the pair.
© Dukascopy Bank SA
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