Axel Rudolph, Senior Analyst at Commerzbank, explains that the USD/RUB found support at 65.42 last week, not far above key support at the 64.99/85 October lows, and is now heading back up towards the October high at 67.08.
Key Quotes
“Above it the current November high remains to be seen at 68.27, a currently unexpected rise above which would put the August highs at 69.01/23 back on the cards.”
“Below the 64.85 level lie the 64.28/21 May and June highs.”
“We will retain our medium term neutral outlook while no unexpected rise takes the cross above the current November peak at 68.27, nor below the 64.85 October low.”
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