USD/RUB 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After the extremely turbulent month of December for the Russian Rouble, volatility has declined significantly, while this currency started gaining value against the US Dollar. At the same time, trading range has been decreasing in course of February, meaning that it was the time for falling wedge pattern to emerge on a 1H chart. The long-term outlook for this cross remains distinctly bearish, supported by technical indicators on all time-frames. Still, SWFX market sentiment is broadly unchanged with slightly less than 73% of bullion opened trades. It proclaims that some support may be found at 58 (pattern's support), and a short-term rebound can take place on as soon as Monday.
© Dukascopy Bank SA
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