© Dukascopy Bank SA
USD/RUB performed well in July by covering the distance between 33.5 and 36.5. But at the same time the trading range of the U.S. Dollar has been narrowing, which has eventually led to formation of the rising wedge.
Since the pattern has been recently broken to the downside the Buck will mostly likely continue to weaken in the nearest future. The closest target is going to be the Jul 31 low at 35.39, followed by a cluster of supports just beneath 35. In case these demands areas fail to stop the sell-off, USD/RUB could eventually drop down back to 33.5. Meanwhile, the sentiment is moderately bullish—59% of open positions are long.
© Dukascopy Bank SA