USD/RUB: Descent continues - Commerzbank

Axel Rudolph, senior analyst at Commerzbank, points out that the USD/RUB continues its descent, and is now below the 55 day moving average at 67.09, and moving towards the December trough at 65.98.

Key Quotes

“Once this has given way, the October and November lows as well as the 200 day moving average at 65.42/64.85 will be in focus. This area we expect to hold.”

“Below the 64.85 October low lie the 64.28/21 May and June highs. Resistance above the 55 day moving average at 67.09 comes in at the 68.27 November high and also at the 69.78 recent highs. Were these to unexpectedly be overcome, the September peak at 70.64 would be back in the frame.”