USD/RUB 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The long-lasting appreciation of the US dollar against the Russian rouble led to formation of the wedge pattern on hourly chart, meaning that the trading range is narrowing all the time. At the moment the pair is still located around the lower trend-line, while getting ready to gain more value. If the pair decides to rise in the nearest future, at first it will have to cross the recently-reached all-time high at 55.08. However, we expect it is going to succeed in doing that and will continue trading in the direction of the pattern's resistance. The move is supported by 72% of SWFX market participants. Besides that, four-hour technical indicators are giving confident signals to buy the pair.
© Dukascopy Bank SA
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