Currency pair US Dollar/Russian Ruble USD/RUB continues to move as part of the correction and the formation of the ”Head and Shoulders” reversal pattern. At the time of the publication of the forecast, the exchange rate of the US Dollar to the Russian Ruble is 75.62. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, which indicates pressure from buyers of the US currency and a potential continued growth of the US Dollar against the Russian Ruble. As part of the dollar exchange rate forecast for February 3, 2021, we should expect an attempt to develop a rise and test the resistance level near the area of 75.75 Rubles per US Dollar. Then, the rebound and the continuation of the fall of the currency pair to the area below the level of 77.85.
USD/RUB Forecast Russian Ruble February 3, 2021
An additional signal in favor of the fall of the USD/RUB currency pair on February 3, 2021 will be a test of the resistance line on the relative strength index (RSI). The second signal will be the formation of a ”Head and Shoulders” reversal pattern. Cancellation of the option to drop the USD/RUB pair on Forex will be a strong growth and a breakdown of the level of 76.85. Rubles per Dollar. This will indicate a breakdown of the resistance area and a continued rise in the Dollar/Ruble pair to an area above the level of 79.05. Confirmation of the pair’s fall will be the breakdown of the support area and the closing of asset quotes below 74.95.
USD/RUB Forecast Russian Ruble February 3, 2021 implies an attempt to test the resistance level near the area of 75.75. Where can we expect a rebound and the continued fall of the Dollar against the Ruble with a target above the level of 77.85. An additional signal in favor of reducing the pair will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a breakdown of the resistance area and closing of quotations above the level of 76.85. In this case, we should expect a continuation of the rise in the US dollar rate against the Russian currency to the level of 79.05.
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