USD/RUB once more approaches its current September low at 72.24 – Commerzbank

As Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, notes, the USD/RUB pair slides back towards its current September low at 72.24 below which sits the June trough at 71.55.

Russian rouble looks solid

“If USD/RUB were to be slipped through the current September low at 72.24 on a daily chart closing basis, the June trough at 71.55 would be back in sight, now that last week’s attempt of a rally failed at the current September high at 73.62.”

“The current September high at 73.62 and the six month resistance line at 73.70 would need to be exceeded for the 200-day moving average at 74.09 to be back in play. Above it the August high can be spotted at 74.59. Further resistance can be seen between the 2020-2021 resistance line and the July high at 74.82/75.36.” 

“A daily chart close above 75.36 is needed to reassert a bullish bias for a challenge of resistance seen between the mid-December and January as well as February highs at 76.06/49 to ensue.”