USD/RUB 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Russian Rouble has been strengthening against the Buck since February of this year. However, the most recent downtrend of May 7-15 created the bearish channel on the one-hour time frame. Moreover, the US Dollar's slump may deepen in the nearest future, in case the USD/RUB pair fails to penetrate the pattern's resistance at 50.21, which is accompanied by the 100-hour SMA. However, for the bearish outlook to be confirmed, the cross should fall below the weekly S1 at 49.86. After that, the most important target will become the recent low at 48.84. Nevertheless, both 1H and 4H technical indicators are slightly positive, while 74% of SWFX positions are long at the moment.
© Dukascopy Bank SA
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