USD/RUB 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar lost loads of value, 34% to be precise, to the Russian Rouble in 2016 and might be targeting the May 2015 low at 49.18 and could reach it sometime until mid 2017. The pair managed to sketch a channel down pattern on the hourly chart, but a boost in volatility led to breaks of the pattern from both sides and ended in the pair floating above the upper boundary. The rate is currently sticking to the boundary from the upside in what appears to be a retracement, but is expected to extend a rally on the short term. The motion is limited by 57.33 now, but we will look for a break of the level and a reach towards 57.76 as the first major upside target.
© Dukascopy Bank SA
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