USD/RUB’s swift ascent from its March low at 72.54 has propelled it to a five month high at 78.04 below which it is currently consolidating. In the view of Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, the recent advance is likely to run out of steam below the 79.99/80.94 September and October highs.

USD/RUB is seen rising back towards the 80.00 mark

“If 78.04 were to be overcome, we would turn short-term bullish and target the September and November highs at 79.99/80.94 which should cap once more. On the way up would be the 78.47 mid-October high and the 78.89 early October high.” 

“Good support below the December 22 and January as well as February highs at 76.49/07 still comes in between the 75.07/74.96 late February and early March highs and the 200 and 55-day moving averages at 74.93/92.” 

“Key support remains to be seen at the 72.65/54 December-to-March lows. Only if the March low at 72.54 were to unexpectedly be slipped through, would the early July high at 72.31 be back in focus.”