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Axel Rudoph, Senior Analyst at Commerzbank, believes the pair is poised to extend the consolidation theme in the near future.

Key Quotes

USD/RUB continues to oscillate around the 55 day moving average at 62.60 but is still is expected to come further off the 64.21 June high”.

“We still believe that several weeks of range trading below the 64.21/28 area but above the 60.58/51 November high and mid-April low are to be seen in the near future. We therefore retain our neutral view with a slight short-term bearish bias”.

“Should we be proved to be wrong and were a rise and daily chart close above the 64.21/28 area to be seen, the April high at 65.04 would be back in the picture. Above it sit the May, July and November 2016 highs at 66.49/67.69″.

“Minor support sits at the May low at 60.95. More important support comes in at the 60.58/51 November high and midApril low. While this support zone underpins, we will retain our longer-term still bullish forecast”.