USD/RUB 4H Chart: Channel Down

Source: Dukascopy Bank SA
Due to the US Dollar recently encountering the 200-period SMA on the four hour chart against the Russian Ruble, the currency exchange rate has formed a medium term descending channel pattern. However, the change of direction was also consistent with various fundamental events in the middle of March. The descending channel pattern is aimed at the lower trend line of a massive scale channel down pattern, which represents the Rubles recovery over the past year. It is most likely that the currency pair will reach the trend line of the dominant channel and rebound against it to begin a medium term surge.
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