USD/RUB in 3-week tops near 60.80

The Russian currency is losing further ground vs. the greenback on Wednesday, pushing USD/RUB to fresh 3-week peaks in the 60.80 area.

USD/RUB next target at 61.00

The pair is posting its fifth consecutive advance so far, clinching multi-week tops near the critical barrier at 61.00 the figure despite the steady performance of the greenback.

RUB stays on the defensive in spite of the recovery in crude oil prices, with the barrel of European reference Brent crude flirting with daily highs around the $52.00 mark and at the same time reverting yesterday’s sell off from tops near $53.00.

The US Dollar Index, in the meantime, trades apathetic below the key barrier at 93.00 the figure, losing some upside momentum after yesterday’s moderate advance.

In the data space, US ADP came in practically in line with expectations at 178K in July, while Russian services PMI is due tomorrow ahead of the more relevant inflation figures to be published on Friday.

USD/RUB levels to watch

At the moment the pair is gaining 0.64%% at 60.61 facing the next hurdle at 60.98 (high Jul.11) seconded by 61.10 (50% Fibo of 66.48-55.72) and finally 62.49 (high Dec.16 2016). On the downside, a breakdown of 59.74 (10-day sma) would open the door to 59.33 (low Jul.27) and then 58.78 (low Jul.21).