USD/RUB to slip back towards the September 2018 high at 70.64 – Commerzbank

The Russian rouble continues its rise. USD/RUB weighs on the June trough at 71.55 below which lies the September 2018 high at 70.64, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

A rise and daily chart close above 73.62 is needed to see a bullish reversal

“USD/RUB continues its descent and weighs on the June low at 71.55, a daily chart close below which would engage the September 2018 high at 70.64. Slightly further down lies the December 2018 high at 69.78. Still further down the 2014-2021 uptrend line can be spotted at 69.52.” 

“Minor resistance above the 72.22 September low sits between the August and early September lows at 72.55/69. Further resistance comes in between the two and seven month resistance lines at 72.97/73.35.”

“For any kind of (unexpected) bullish reversal to gain traction, a rise and daily chart close above the September 20 high at 73.62 would need to be seen. This scenario is highly unlikely, though, and instead further weakness is probably on the cards.”