USD/RUB to stop its decline at the September 2018 high of 70.64 – Commerzbank


The Russian rouble still appreciates. As Axel Rudolph, Senior FICC Technical Analyst, notes, USD/RUB is within reach of the September 2018 high at 70.64 around which its descent may pause.

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

“USD/RUB continues its descent towards the September 2018 high at 70.64 around which it may short-term pause. 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 72.13 mid-October high and the 72.22 September low sits between the August and early September lows as well as the three month resistance line at 72.55/73. Further resistance comes in along the seven month resistance line at 73.18.” 

“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.”

 

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