USD/RUB 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is simultaneously trading against the Ruble in accordance with three patterns, which are hard to spot even after they are pinpointed. Due to that they have to be dissected one by one. First is the larger scale broadening descending wedge pattern, in which the pair has been since March. Second is the medium scale falling wedge pattern, which represents the rates bounce off the larger pattern's resistance line and the following depreciation of the Greenback against the Russian Ruble. Last but not least, there is the short term channel down pattern, in accordance with which the pair moved from the falling wedges resistance to its support line. Although, the future outlook seems like the channel is about to become obsolete.
© Dukascopy Bank SA
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