USD/RUB breaks pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since late October, the USD/RUB currency exchange rate was surging in a channel up pattern. The pattern captured the ongoing tensions between the west and Russia. Namely, a run of capital from Russia was taking place due to the tensions.

Most recently, on February 7, the President of France Emmanuel Macron visited Russia for talks. On that day, the pair pierced the lower trend line of the channel. On Tuesday, February 8, the pair traded almost flat, but outside the pattern. Meanwhile, from a technical analysis perspective the pair's breaking of the pattern has found support in the 50-day simple moving average at the 75.30 mark.

A move below the 50-day simple moving average could look for support in the 61.80% Fibonacci retracement level at 74.50 and the 200-day simple moving average near 73.57. Further below, note the 72.00 mark and the 50.00% retracement level at 71.90.

On the other hand, a surge of the USD against the Rouble could find resistance in round exchange rate levels at 76.00 and 77.00, before reaching the April 2021 high level zone below 78.00.
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