Today we will focus on pairs with the Russian ruble, where we can see two nice bullish setups. If you have followed us for some time, then it should not be a surprise that we’ve been anticipating this for quite a while. Before we get any further into the situation on the EUR/RUB and USD/RUB, we will focus on an instrument which is more familiar to the majority of traders – USD/CHF.
Dollar to franc made a beautiful price action movement – tested broken resistances as support. That was also expected by us and we warned about this possibility many times in our previous videos and articles. The price made quick contact with two supports and then bounced rapidly creating a V-shaped reversal. Odds for a further rise are currently much higher.
In terms of the ruble, the EUR/RUB bounced from the crucial long-term horizontal support (orange) and went higher, breaking the dynamic (blue) and horizontal (green) resistances. The current target is the yellow area around 74. We should get there pretty soon.
USD/RUB is also bullish. Here, the price created a double bottom formation and broke the upper line of the wedge pattern. In addition to this, buyers managed to break the 38.2% Fibonacci. If the price closes the day above the orange area, it will be a nice signal to go long.