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In view of Axel Rudolph, senior analyst at Commerzbank, USD/RUB continues to be side-lined above its late November low at 65.42, in itself not far above key support at the 64.99/85 October lows and suggests that this area can be retested.

Key Quotes

“Below the 64.85 level lie the 64.28/21 May and June highs and the 200 day moving average at 63.55.”

“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.”

“Above the November high at 68.27 lie the August highs at 69.01/23 and also the September peak at 70.64.”