USD/RUB to extend its gains on a break above the 73.25/73.65 resistance zone – SocGen

USD/RUB has staged a bounce after hitting a low near 69.20 last month. Economists at Société Générale expect the pair to continue marching forwards and tackle the 73.25/65 resistance area.

Supports are located at 71.65, the 38.2% retracement of the bounce and 70.50 

“USD/RUB is approaching towards projections of 73.25/73.65 which is also a multi-month descending trend line, the 200-DMA and the high of September. This could be an intermittent resistance.” 

“A break above 73.25/73.65 will be essential for affirming an extended rebound. Test of this hurdle can result in an initial pullback.”

“71.65, the 38.2% retracement of the bounce and 70.50 are immediate support levels.”