USD/RUB: Descent to continue? - Commerzbank

Axel Rudolph, senior analyst at Commerzbank, points out that the USD/RUB continues its descent towards the November low and the 200 day moving average at 65.42/29.

Key Quotes

“Once this area has given way, the October lows at 64.98/85 will be in focus. Failure there would change our currently neutral medium term forecast to a bearish one and put the April high at 65.04 on the cards. Below it the May, June and July highs can be spotted at 64.28/63.79.”

“Minor resistance comes in at the 66.62 January 22 high and also along the 55 day moving average at 67.04. Further resistance comes in at the 68.27 November high and also at the 69.78 recent highs.”

“Only if these were to unexpectedly be overcome, would the September peak at 70.64 be back in the frame.”