USD/RUB surges above 77.00

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Source: Dukascopy Bank SA


The USD/RUB ended its sideways trading in the 73.20/74.50 range by surging. The surge passed the zone of the resistance and support zone of 75.30/75.80. During the first week of the year, the pair touched the 77.20 level, which acted as resistance. On January 7, the currency pair had retraced back down to the 75.30/75.80 zone

A continuation of the surge might find resistance once again in the 77.00 mark. Higher above, the April 2021 high level zone below the 78.00 level could stop and reverse the rate's direction.

Meanwhile, a potential decline would have to pass the 75.30/75.80 zone, before reaching the 61.80% Fibonacci retracement level at 74.50.
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