USD/RUB scope for a test of 66.24 – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, suggested the pair could slip back to test 66.24 as long as 69.01/23 holds the upside.

Key Quotes

“USD/RUB’s rally has so far taken it to its current August high at 69.23 before consolidating below it. Further consolidation below last week’s high at 69.01 and the current August high at 69.23 remains on the cards for now”.

“While these levels cap, a gradual slide back towards the August 15 low at 66.24 may ensue. Below this level there is no support to speak of until the April-to-June highs at 65.04/64.21”.

“Were a rise above the 69.23 high to be seen, however, the 70.00/70.68 area would be in focus. It consists of psychological resistance and the 50% retracement of the 2016-18 decline”.