USD/RUB 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is trading in a short term descending channel against the Russian Ruble, as the currency exchange rate recently broke out of a medium term ascending channel. The rate might move in the tight range of the descending pattern down to the lower trend line of a large scale descending channel. However, that is highly unlikely, as rarely in the markets a pattern with such range is active for long. It is more likely that a new medium term pattern will soon reveal itself. The hypothesis of a decline of the US Dollar against the Ruble is fortified by the SWFX market sentiment, as the pair is already overbought with 72% of open positions being long.
© Dukascopy Bank SA
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