USD/RUB 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having established a strong support around 36.00, USD/RUB was able to form a bullish channel, meaning the U.S. Dollar is expected to gain in value versus the Russian Ruble. However, for the bullish outlook to remain in effect over the coming trading days, the pair should stay afloat above the upper trend-line at 38.18. Meanwhile, most of the technical indicators are mixed, while the 4H ones are more to the upside. We think that the up-trend's support together with the monthly R2 and weekly R1 will carry the pair above the 38.00 mark and extend the current trend. Nonetheless, the majority of the traders are sceptical on further gains, as 68.36% of them have opened short positions.
© Dukascopy Bank SA
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