USD/RUB is pushed up by central bank

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On January 24, the USD/RUB recently reached the upper trend line of the channel up pattern, which had guided the rate since late October. Moreover, the pair has passed the 2021 April high level.

The whole pattern can be attributed to tensions between Russia and Western countries. Meanwhile, the recent surge occurred due to the announcement of the Russian Central Bank that it would stop Forex Purchases.

In the case that the rate would continue to surge, it would most likely find resistance in the September 2020 high level at 80.00. Higher above, note the November 2020 high at 81.00 and the March 2020 high at 82.90.

On the other hand, a decline of the US Dollar against the Ruble might look for support in the April 2021 high level at 78.00 and the zone below it. Below the April high, the rate could find support in the lower trend line of the channel up pattern.
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