USD/RUB: Break above 75.92 to open up the April peak at 78.04 – Commerzbank

USD/RUB so far shot up to 75.92 below which it is likely to short-term stall, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank. A rise above it would target 78.04.

Upside pressure while above November low at 70.52

“USD/RUB has overshot the July peak at 75.36 and so far risen to its current November high at 75.92 below which it is expected to short-term stabilize. If it were to be exceeded, we would target the next higher April peak at 78.04.” 

“Minor support comes in along the breached resistance line and 200-day moving average at 73.64/57. Further support sits between the 55-day moving average and the September low at 72.26/22 as well as between the two-month support line and June low at 72.05/71.55.” 

“While the current November low at 70.52 underpins, overall upside pressure should be maintained. Only if it were to unexpectedly be slipped through, would the October trough at 69.22 be back in the frame.”