Karen Jones, Head of FICC Technical Analysis at Commerzbank, assessed the recent price action in the pair.
“USD/RUB has become increasingly volatile. The market has eased back from the September high at 70.64, made close to the 50% retracement of the 2016-18 decline at 70.68. It has found support at the April high at 65.04 and is currently neutral/side lined below the 67.08 October 2018 high. Risk remains on the down side”.
“While capped here attention will remain on the recent support area at 65.04/64.85″.
“Below the 64.85 current October low sits further support between the May-to-June highs at 64.28/64.21 and still further support at the mid-July high at 63.79″.