USD/RUB 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a plunge to a six-month low of 33.55 late June, the U.S. Dollar commenced an upward move against the Russian Ruble that helped the pair to shape a 215-bar long ascending triangle pattern on the one-hour chart.
At the moment, future direction of USD/RUB seems unclear. Market players on the SWFX expect the pair to depreciate in the hours to come – about 70% of all orders are placed to sell the currency couple. Meanwhile, the pair's location suggests that a rapid advance may be the case since the instrument has consolidated above the upper limit of the formation a few hours earlier.
© Dukascopy Bank SA
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