USD/RUB 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a precipitous two-month rally USD/RUB peaked at 36.72 and since then has been consistently trading within the boundaries of the downward-sloping channel. Right now the currency pair is moving away from the upper trend-line towards the lower edge of the corridor at 34.74. This level is likely to provide enough support to initiate an upward correction, as suggested by the weekly technical studies. The surge in turn will be expected to end near 35.51 and then give way for a bearish wave. However, the SWFX market participants do not seem to be convinced that the U.S. Dollar is going to continue losing value—75% of open positions are long.
© Dukascopy Bank SA
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