As the US Dollar continued to lose ground against the Russian Ruble a major development occurred. The currency exchange rate passed a very significant support level near the 57.60 level. At that mark a 61.80% Fibonacci retracement level met with the support of the most dominant ascending channel pattern. However, that is no longer the situation.
Instead the medium term channel down pattern has set its way to guide the currency exchange rate down to the 56.80 mark. That level is also consisted with a much larger scale Fibonacci retracement level. Moreover, close by a monthly support level is located close by.