USD/RUB risks remain on the downside – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis at Commerzbank, assessed the recent price action in the pair.

Key Quotes

“USD/RUB has become increasingly volatile. The market has eased back from the September high at 70.64, made close to the 50% retracement of the 2016-18 decline at 70.68. It has found support at the April high at 65.04 and is currently neutral/side lined below the 67.08 October 2018 high. Risk remains on the down side”.

“While capped here attention will remain on the recent support area at 65.04/64.85”.

“Below the 64.85 current October low sits further support between the May-to-June highs at 64.28/64.21 and still further support at the mid-July high at 63.79”.

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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