The currency pair US Dollar against the Russian Ruble (USD/RUB) continues to move within an uptrend and a bullish channel. At the time of this forecast publication, the exchange rate of the US Dollar to the Russian Ruble stands at 83.91. The moving averages indicate the presence of a short-term bullish trend. Prices have broken above the area between the signal lines, indicating buying pressure on the US currency and the potential continuation of the US Dollar’s rise against the Russian Ruble. As part of the forecast for the USD exchange rate on June 21, 2023, we should expect an attempt to develop a price correction and test the support level near the area of 82.25 Rubles per US Dollar. Then, a rebound upward and a continuation of the currency pair’s rise to the area above the 90.45 level.
Russian Ruble Forecast for June 21, 2023
An additional signal in favor of an upward movement in the USD/RUB currency pair on June 21, 2023, would be a test of the trend line on the Relative Strength Index indicator. A second signal would be a rebound from the lower boundary of the bullish channel. The scenario of the pair’s rise would be invalidated by a decline in quotes and a breakthrough of the 80.65 Ruble level per Dollar. This would indicate a breakout of the support area and a continuation of the decline in the USD/RUB pair to the area below the 75.65 level. Confirmation of the pair’s rise would be a breakthrough of the resistance area and the closing quotes above the 87.05 level, indicating a breakout of the upper boundary of the bullish channel, which would signal an increase by the width of the channel.
Russian Ruble Forecast for June 21, 2023 suggests an attempt to test the support level near the area of 82.25. From there, we should expect a rebound and a continuation of the US Dollar’s rise against the Russian Ruble with a target below the 90.45 level. An additional signal in favor of the rise would be a test of the trend line on the Relative Strength Index indicator. The scenario of the rise would be invalidated by a breakout of the support area and the closing quotes below the 80.65 level. In this case, we should expect a further rise in the exchange rate of the US Dollar against the Russian Ruble to the 75.65 level.
