USD/RUB 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback is still in a channel down pattern against the Russian Ruble on a larger scale. However, most recently the currency exchange rate reached the large scale pattern's lower trend line and rebounded. As a result of the rebound a channel up pattern has been forming this week. Although, its upper trend line is clear, the ascending short term channel pattern's support line is not clearly established itself, as the whole short term pattern might also be a broadening ascending wedge. Moreover, the currency pair is overbought, as 71% of open SWFX trader positions are long, which indicates at an upcoming fall of the pair. However, the long term situation is clear, the US Dollar is set to surge due to a rebound.
© Dukascopy Bank SA
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