USD/RUB 4H Chart: Descending Channel

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback reversed its movement against the Russian Ruble prior to the US presidential election and formed a descending channel pattern. In the meantime, the currency exchange rate is in a much larger, long term channel down pattern since April. In addition, the currency pair has been affected by the Fibonacci retracement levels, which connect the 2015 low and 2016 high levels. Most recently the currency rate was in the middle of the newly formed descending channel, and its movements are hard to predict, as it is between two levels of significance, as the 200-period SMA is just above it, and the weekly S1 is located just below it. However, the currency pair is oversold, as 72% of open positions are long, which hints at a downward path for the rate.
© Dukascopy Bank SA
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