USD/RUB 1H Chart: Short-term channel in sight
The Russian Ruble has been depreciating against the US Dollar since early August under the pressure from new the US sanctions.
At the time of this analysis, the exchange rate had reached the lower boundary of a short-term ascending channel near 67.20. It is very likely that an upside momentum starts prevailing in the nearest future as the 55-period SMA (4H) push the rate up.
Technical indicators on the 4H and 1D time-framers support this bullish scenario. The nearest target for the exchange rate is the 68.00/50 area.
At the time of this analysis, the exchange rate had reached the lower boundary of a short-term ascending channel near 67.20. It is very likely that an upside momentum starts prevailing in the nearest future as the 55-period SMA (4H) push the rate up.
Technical indicators on the 4H and 1D time-framers support this bullish scenario. The nearest target for the exchange rate is the 68.00/50 area.
The Russian Ruble has been appreciating against the US Dollar for two weeks after the pair reversed from the 2017/2018 high at 70.60.
As apparent on the chart, the pair broke a short-term ascending channel at the end of last week. The rate is pressured by the 55-, 100– and 200-hour SMAs in the 68.60/69.15 range. This is likely to add some bearish pressure in the market and consequently result in appreciation of the Ruble.
Even if bulls still move the rate upper during the following hours, the bearish momentum should take over the market and target the Fibonacci 23.00% retracement at 67.