The US Dollar has been depreciating against the Russian Ruble during the last month. However, recently the currency exchange rate has reached the support line of a dominant descending channel pattern.
The dominant pattern has a very small angle of decline, which means that most likely we will soon see the formation of a new ascending junior pattern. However, the rate is most likely going to trade flat for some time, as it is set to face the resistance of the 23.60% Fibonacci retracement level and the monthly S1 near the 58.75 mark.
Moreover, the 55-period simple moving average is approaching from the upside to strengthen the resistance cluster.
Trade closed: stop reached
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The descending channel actually pierced the lower trend line of the dominant pattern. If one adjusts the junior channel down pattern, it is possible to observe the dominating trend.