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Axel Rudolph, Senior Analyst at Commerzbank, noted the pair is expected to extend the sideline theme for the time being.

Key Quotes

USD/RUB was approaching the May, June and early July highs at 63.84/64.28 before coming off again”.

“While this area continues to cap, further range trading should be on the cards with the 55 day moving average at 62.59 likely to be retested”.

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

“Were a rise and daily chart close above the 64.21/28 area to be made, however, the April high at 65.04 would be back in the picture”.