USD/RUB 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The second part of 2012 the U.S. Dollar was consistently depreciating relative to the Russian Rouble. However, after finding strong support in the face of 29.84 at the beginning of this year, the currency pair was able to commence a robust recovery that still remains topical.
Being that recently USD/RUB has successfully tested the lower rising support line and the price is currently underpinned by the demand area around 32.45, mainly consisting of the monthly S1 and 200-day SMA, it is reasonable to assume that the rally started at 31.63 will manage to extend up to 33.96 (as suggested by the technical indicators) once the current bearish correction is fully exhausted.

© Dukascopy Bank SA
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Tue, 10 Dec 2013 13:23:09 GMT

EUR/SGD 1H Chart: Channel Up

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