The USD/RUB exchange rate reversed north from the lower boundary of the long-term descending channel located circa 62.40 at the end of June.
Currently, the rate is trading at the Fibonacci 50.00% retracement at 63.08. From a theoretical perspective, it is expected, that the currency pair could continue to go upwards to the upper channel line located circa 64.80/65.00.
However, note, that the pair is pressured by the 55-, 100– and 200-hour moving averages, currently located at 63.25/63.46 range. Thus, if the given channel does not hold, a breakout south could occur within the following trading sessions. In this case, the pair could decline to the Fibonacci 61.80% retracement at 61.31.