USD/RUB 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a period of growth, the US Dollar decided to resume falling against the Russian currency, therefore forming a bearish channel on the hourly chart. Despite that, several factors are assuming that the Greenback will undergo an upside correction phase in the next few days. Among them, one-hour technical indicators are giving signals to buy the Dollar versus the Rouble. Moreover, 73% of SWFX market participants are holding long open positions on this currency pair. In case the Buck crosses the 200-hour SMA, it will then aim for the next resistance at 54.90 (daily R3; pattern's resistance). In case this level is broken as well, the next long-term target will become the area above 55.20 (weekly PP).
© Dukascopy Bank SA
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