USD/RUB 4H Chart: Channel Down

While looking at the past 20 days the U.S. Dollar may seem to be bullish, the overall outlook for now remains negative. The issue is that starting from the beginning of March the currency has been underperforming relative to the Russian Rouble and at the same time forming a bearish channel.

Accordingly, even if the greenback appreciates, the gains are expected to be limited by the downward-sloping trend-line at 35.25 and then negated by the subsequent sell-offs en route to the lower edge of the pattern at 33.60. Still, the SWFX traders' sentiment is strongly bullish at the moment—as many as 72% of all open positions are long.