USD/RUB 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the second part of February when tensions between Russia and western powers started to escalate amid confrontation in Ukraine, a sharp appreciation of the U.S. Dollar against the Russian Ruble started and helped the pair to form a channel up pattern, within which it is vacillating at the moment. The tunnel is relatively steep and has recently sent the currency pair to the highest level since at least 2009 of 36.8579. However, at the moment of writing, USD/RUB was in the downtrend, paring gains after a jump to the recent high. According to the SWFX data, the decline may continue in the hours to come as circa 52% of market players hold short positions.
© Dukascopy Bank SA
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