USD/RUB fluctuates sideways

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Source: Dukascopy Bank SA


At the start of December, the USD/RUB passed the support of the lower trend line of the channel up pattern, which guided it since late October. Throughout December, the pair has been trading between the resistance of the 61.80% Fibonacci retracement level at 74.50 and a zone below it and a support zone at 73.20/73.30. Meanwhile, the 200-day simple moving average has been shortly impacting the rate by providing both support and resistance.

A surge of the US Dollar against the Ruble would have to pass the 61.80% Fibonacci retracement level at 74.50, before aiming at the high level zone at 75.35/75.80. However, note that the 75.00 mark has been providing short term resistance in late November.

On the other hand, a potential decline could find support in the 73.00 mark, the 50.00-day simple moving average at 72.65 and the 50.00% Fibonacci retracement level at 71.90.
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