USD/RUB meets long term support
At first glance the situation on the USD/RUB charts looks chaotic. However, if one delves deeper into understanding the currency exchange rate, it is clear what is occurring.
First of all the pair has made a rebound against the most dominant ascending channel patterns lower trend line, which is combined with the 23.60% Fibonacci retracement at the 56.95 mark.
As a result of the rebound the previously active medium term pattern was broken. Moreover, two new patterns have been mapped. The short term, already obsolete channel up pattern has already been broken. Meanwhile, the new medium term channel up is only speculated.
First of all the pair has made a rebound against the most dominant ascending channel patterns lower trend line, which is combined with the 23.60% Fibonacci retracement at the 56.95 mark.
As a result of the rebound the previously active medium term pattern was broken. Moreover, two new patterns have been mapped. The short term, already obsolete channel up pattern has already been broken. Meanwhile, the new medium term channel up is only speculated.
Trade closed: target reached:
Due to the demand for the USD/RUB currency pair on the Swiss Foreign Exchange a review of the pair in the English language is being done. All in all it can be observed that the currency exchange rate has bounced off the support of a dominant channel pattern and a rebound has begun.
The rebound began when the medium scale channel down pattern hit the support of the mentioned ascending long term pattern. As a result a one month long channel up was formed, which is set to break out of the medium scale pattern.
Regarding the short term it can be seen that the pair is squeezed in a strong cluster of various levels of significance. However, it is most likely going to break out of it to the upside and approach the 58.00 mark.
Due to the demand for the USD/RUB currency pair on the Swiss Foreign Exchange a review of the pair in the English language is being done. All in all it can be observed that the currency exchange rate has bounced off the support of a dominant channel pattern and a rebound has begun.
The rebound began when the medium scale channel down pattern hit the support of the mentioned ascending long term pattern. As a result a one month long channel up was formed, which is set to break out of the medium scale pattern.
Regarding the short term it can be seen that the pair is squeezed in a strong cluster of various levels of significance. However, it is most likely going to break out of it to the upside and approach the 58.00 mark.
Comment:
The USD/RUB has been monitored constantly by the Dukascopy analysts. Due to a recent development and update to the situation has pressed for the need to be posted.
If one has not been following the updates the short description is that the pair recently hit a dominant support level near 57.00 and rebounded. However, the rebound has been slowed down by the support turned resistance of the previously active and long ago abandoned junior ascending channel pattern.
Most recently that resistance was broken, and the rate has set its course for new high levels, as the 50.00% Fibonacci retracement level at the 58.36 mark is in sight. Moreover, a new ascending pattern is likely to reveal itself.
The USD/RUB has been monitored constantly by the Dukascopy analysts. Due to a recent development and update to the situation has pressed for the need to be posted.
If one has not been following the updates the short description is that the pair recently hit a dominant support level near 57.00 and rebounded. However, the rebound has been slowed down by the support turned resistance of the previously active and long ago abandoned junior ascending channel pattern.
Most recently that resistance was broken, and the rate has set its course for new high levels, as the 50.00% Fibonacci retracement level at the 58.36 mark is in sight. Moreover, a new ascending pattern is likely to reveal itself.
Comment:
The US Dollar has possibly revealed the upper trend line of the medium scale ascending channel pattern against the Russian Ruble.
In general, what has occurred, is a rate change of the central bank of Russia, which has resulted in not change for a longer term trader. However it caused an increase of volatility to the upside, as the pair jumped and declined in the aftermath of the rate change.
The pair rebounded after meeting the first monthly resistance at the 58.77 level. That level is now serving as a reference point for the upper trend line of a possible channel up pattern.
The US Dollar has possibly revealed the upper trend line of the medium scale ascending channel pattern against the Russian Ruble.
In general, what has occurred, is a rate change of the central bank of Russia, which has resulted in not change for a longer term trader. However it caused an increase of volatility to the upside, as the pair jumped and declined in the aftermath of the rate change.
The pair rebounded after meeting the first monthly resistance at the 58.77 level. That level is now serving as a reference point for the upper trend line of a possible channel up pattern.
Comment:
The US Dollar has begun a rebound against the Russian Ruble. In general a large scale surge is to be expected as high as the 61.00 mark.
However the pair’s newly formed junior channel up pattern is in danger of being broken, as the lower trend line of the channel has become alone support level. Compared to the strong resistance cluster from the 58.80 to the 59.00 level, the mentioned support can be considered as nonexistent.
It is possible that the pair will fall as low as the 58.35 mark and reveal a larger up pattern. (During the hour from writing until publishing the support managed to force a small rebound)
However the pair’s newly formed junior channel up pattern is in danger of being broken, as the lower trend line of the channel has become alone support level. Compared to the strong resistance cluster from the 58.80 to the 59.00 level, the mentioned support can be considered as nonexistent.
It is possible that the pair will fall as low as the 58.35 mark and reveal a larger up pattern. (During the hour from writing until publishing the support managed to force a small rebound)
For some time an analyst at the Dukascopy research team was expecting a rebound to occur against the lower trend line of a massive scale channel up pattern. That rebound occurred this week.
However, after rebounding the currency exchange rate paused on Thursday. The reason for the pause was the still active long term channel down pattern. The pattern’s upper trend line was strengthened by the 55 and 100-period simple moving averages in a range from 57.70 to 57.80.
Due to that reason a short term decline could still occur until the just mentioned resistance cluster is broken.