USD/RUB 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a pause it is time to once more review the situation with the USD/RUB currency exchange rate. It seems that that the fall of the currency pair ended in the middle of December, when the currency exchange rate met with the support provided by the lower trend line of a larger descending channel. However, this is a new descending channel, as the previous pattern was broken in the middle of the month. As a result an ascending short term channel formed, and the pair has been trading in its borders since the rebound on December 13. Most recently the pair met with the combined support of the weekly PP and the lower trend line of the short term pattern and rebounded. However, the pair is more likely to fall, as it is overbought, and fresh technical indicators forecast a fall on three timeframes.
© Dukascopy Bank SA
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