USD/RUB 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After forming a triangle pattern on a 4H chart a week ago, the USD/RUB pair has now created the same high-quality and magnitude pattern on the one-hour time frame chart. On the first day of May, this currency pair shows no noticeable movements in its price, thus keeping an overall outlook rather unclear. As a result, neutral expectations are also coming from the near-term technical indicators. At the same time, daily studies suggest the US Dollar is likely to lose value in the beginning of the next week, while bearish pressure will be created by 200-hour SMA at 51.85. Despite that, SWFX market participants are still opposing a slump of the Greenback by holding 74% of all opened trades as the long ones.
© Dukascopy Bank SA
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