Currency pair USD/RUB closes the trading week near the level of 59 rubles per US dollar. The pair continues to trade in the bearish channel, which indicates a probable continuation of the USD/RUB price decline next week. It is necessary to expect a rebound from the level of support in the area of 60.40 rubles per dollar.
USD/RUB weekly forecast on July 24 — 28, 2017
Near this level, the pair will complete the formation of the «Head and Shoulders» reversal pattern, which indicates that the dollar depreciates against the ruble. In favor of the drop in quotations, a dense test of the broken trend line will appear on the indicator of relative strength index (RSI).
The target of falling and working off of such model can be the region at the level of 56 rubles per US dollar. The abolition of the reduction option will be a strong growth and breakdown of the level of 61, in this case it is necessary to expect the continued growth of the pair.
USD/RUB weekly forecast on July 24 — 28, 2017 assumes an attempt to test the level of 60.40 and continue the decline with a potential drop target at the level of 56 rubles per US dollar, with a breakdown of level 61, which will indicate continued growth.
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