USD/RUB to regain uptrend above 73.69 – Credit Suisse

USD/RUB has held above the 68.59 key support and analysts at Credit Suisse expect thepair, which is trading at 70.75, to stay in a higher level range with first resistance seen at 73.69.

Key quotes

“The rebound lower in USD/RUB has managed to hold above the price gap support and the 200-day average at 68.59/67.61, as well as above the March breakout point at 65.71.” 

“We expect the market to remain in a high level consolidation range, with resistance seen initially at 73.69, above which would reassert an upward bias within the range we expect to develop, with next resistance at 77.65, ahead of the 2020 high at 82.84, where we expect the market to find a cap if reached.” 

“Below 65.71 though would see a move back to the current low for the year and psychological barrier at 60.89/00.”