The Russian Ruble has been depreciating against the US Dollar since the beginning of October. This movement has been bounded in an ascending channel.
Currently, the currency pair is testing the upper channel line at 66.40. If given channel holds, a reversal south occurs in the nearest future, and the rate aims for the support cluster formed by a combination of the 55-, 100– and 200-hour SMAs in the 65.72/65.89 range.
Otherwise, a breakout north occurs within the following hours. Important resistance level to look out for is the monthly R1 at 66.50.
Currently, the currency pair is testing the upper channel line at 66.40. If given channel holds, a reversal south occurs in the nearest future, and the rate aims for the support cluster formed by a combination of the 55-, 100– and 200-hour SMAs in the 65.72/65.89 range.
Otherwise, a breakout north occurs within the following hours. Important resistance level to look out for is the monthly R1 at 66.50.