USD/RUB 4H Chart: Approaching historical low

As the US Dollar continued to lose ground against the Russian Ruble a major development occurred. The currency exchange rate passed a very significant support level near the 57.60 level. At that mark a 61.80% Fibonacci retracement level met with the support of the most dominant ascending channel pattern. However, that is no longer the situation.

Instead the medium term channel down pattern has set its way to guide the currency exchange rate down to the 56.80 mark. That level is also consisted with a much larger scale Fibonacci retracement level. Moreover, close by a monthly support level is located close by.

Trade geschlossen: Ziel wurde erreicht: The US Dollar has continued to decline against the Russian ruble as expected. The currency exchange rate has reached the previously set target of 56.78.

The target was chosen as it represents the low level of August 2017. Moreover, it is consisted with various other levels of significance. For example, an inverse Fibonacci retracement level of past high and low levels would be located at that level.

In regards to the future, Dukascopy analysts expect that the rate will trade rather flat until it reaches the resistance of the upper trend of the active channel down pattern. Afterwards a break out to either side will be possible.
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