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”.
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