USD/RUB 1H Chart: New short term pattern spotted

The US Dollar reached the previously set target at the 64.15 mark against the Russian Ruble. After reaching the target the currency exchange rate bounced off the resistance provided by the upper trend line of a medium term ascending channel pattern. The trend line was also strengthened by a pivot point level.

In the aftermath of the bounce off the rate has declined steadily while being supported only by the hourly simple moving averages, which have managed to pause the decline only for short periods of time.

Meanwhile, Dukascopy analysts spotted on Monday that the decline is occurring in a short term descending channel pattern.