USD/RUB bounces off resistance

Source: Dukascopy Bank SA


The USD/RUB pair's surge encountered resistance at the 75.35/76.00 zone. In the zone, the May and July high levels are providing resistance together with the upper trend line of a channel up pattern. Moreover, the 76.00 mark appears to be capable of impacting the rate on its own.

Most recently, the rate bounced off the resistance zone and shortly pierced the 61.80% Fibonacci retracement level at 74.50.

In regards to the near term future, a potential decline of the USD/RUB might look for support in the 50-four hour period simple moving average near 74.00. Moreover, the lower trend line of the channel up pattern was located near the 74.00 mark. Below the 74.00 mark, there appears to be no support as low as 72.20, where the 200-four hour period simple moving average was located at.

On the other hand, a surge would have to pass the 75.35/76.00 zone. Above the 75.35/76.00 zone, the 76.50, 77.00, 77.50 and 78.00 levels are expected to provide resistance. All of these levels provided resistance in April.
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