USD/RUB bounces off lows, retakes 62.40

Pablo Piovano FXStreet

The Russian currency is now giving away part of its earlier gains vs. the greenback, sending USD/RUB back to the 62.40 region.

USD/RUB finds support near 62.30/25

Crude oil prices are recovering some ground after yesterday’s retracement, with the barrel of Brent crude approaching the $52.00 mark and thus lending support to RUB despite the ongoing USD strength.

Anyway, spot keeps the trade in the lower bound of the recent range just above the 62.00 handle, with the upside so far limited around last week’s tops in the mid-63.00s.

Data wise, FX reserves held by the Russian central bank has ticked lower to $391.4 billion WoW from $395.4 billion.

In the US data space, FOMC’s D.Tarullo (permanent voter, hawkish) and San Francisco Fed J.Williams (2018 voter, neutral) are due to speak later.

USD/RUB levels to watch

At the moment the pair is losing 0.16% at 62.38 and a break below 61.85 (2016 low Oct.10) would expose 60.70 (low Oct.9 2015) and then 48.79 (low May 13 2015). On the flip side, the next up barrier lines up at 63.49 (high Oct.13) followed by 64.25 (high Sep.26) and finally 64.30 (100-day sma).

1. R3 63.2475
2. R2 62.8775
3. R1 62.5776
PP 62.2076
1. S1 61.9077
2. S2 61.5377
3. S3 61.2378

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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