USD/RUB not likely to go much higher

During the recent trading sessions the US Dollar has made a rebound against the Russian Ruble. Due to that reason a surge is to be expected. However, various details reveal that the bulls might still pass this rate.

First of all the pair is still located in the borders of the junior pattern channel down pattern .That means that it’s upper trend line will continue to provide resistance. Meanwhile, the pair is also located in a dominant channel down.

In addition the pair is set to face the resistance of the various simple moving averages of the hourly chart. These factors combined reveal that there might be no short term recovery at all.

Trade chiuso: stop raggiunto:

A short term recovery is occurring, as the medium term pattern's resistance was broken. Most likely the 57.80 mark is the next target.