USD/RUB 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is in an ascending channel pattern against the Russian Ruble, as the currency exchange rate has been surging since July 18. At the moment, the currency exchange rate has rebounded against the pattern's lower trend line at 66.0548, and it has moved up to the level of 66.6432. On its way to the pattern's resistance line at 68.00, the pair will have to break the first weekly resistance at 67.2369. The upper pattern's trend line is also strengthened by the recently formed monthly R1 at 67.9261. In the meantime, daily aggregate technical indicators forecast a surge for the pair during today's trading session. However, the currency pair is already overbought, as 70% of SWFX trader open positions are long.
© Dukascopy Bank SA
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