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Axel Rudolph, Senior Analyst at Commerzbank, sees the pair slipping back to the 66.24/65.53 band.

Key Quotes

USD/RUB‘s rally has taken it to its current September high at 70.64, close to the 50% retracement of the 2016-18 decline at 70.68, before slipping back to last week’s low at 67.46″.

“This we expect to soon be slipped through with the August 15 low at 66.24 and the 55 day moving average at 65.53 then being in focus. The April peak at 65.04 could also be reached as long as no advance above the recent high at 70.64 is seen”.

“If the 70.64/68 zone were to be bettered, the January and August 2015 highs at 71.63/72.02 would be in focus”.

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