USD/RUB 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is depreciating against the Russian Ruble, as the currency exchange rate continues its path in a previously analyzed descending channel. The latest developments for the pair are that the rate hit the channel up pattern's upper trend line and confirmed it three times before finally retreating. Since then the currency rate seems to be forming a not fully formed channel or a falling wedge, which is headed for the 61.80% Fibonacci retracement. The Fibonacci retracements are measured between the 2015 low and 2016 high levels. Meanwhile, the pair is overbought, as 74% of open SWFX positions are long. Although, it has to be mentioned that this exchange rate is highly affected by unpredictable fundamental events, which occur due to politics.
© Dukascopy Bank SA
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