Chart USD/RUB Update: Limited tests higher
The anticipated test of strong support within 90.0000 - 90.0800 is giving way to a bounce from 89.0000
| Levels | Comment | Levels | Comment | |||||
| R4 | 98.0000 | * | congestion | S1 | 90.0800 | ** | 76.4% ret of Jun-Nov rally | |
| R3 | 96.5000 | * | congestion | S2 | 90.0000 | ** | congestion | |
| R2 | 95.0000 | * | break level | S3 | 86.6250 | * | 3 Sep (m) low | |
| R1 | 93.0000 | * | break level | S4 | 85.0000 | ** | congestion |
Asterisk denotes strength of level
12:40 GMT - The anticipated test of strong support within 90.0000 - 90.0800 is giving way to a bounce from 89.0000, with prices currently balanced in cautious trade around 91.7500. Oversold daily stochastics are ticking higher, highlighting potential for a test of resistance at 93.0000. But the bearish daily Tension Indicator and mixed/negative weekly charts are expected to prompt fresh selling pressure towards here. A close above here, however, will help to stabilise price action and give way to consolidation beneath 95.0000. Following cautious trade, fresh losses are looked for. A later break back below 90.0000 - 90.0800 will add weight to sentiment and extend November losses towards the 86.6250 monthly low of 3 September.