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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.”