Chart USD/RUB Update: Edging higher
Choppy trade within the 77.5000 - 79.0000 range has given way to the anticipated push higher
| Levels | Comment | Levels | Comment | |||||
| R4 | 82.5000 | ** | break level | S1 | 80.0000 | ** | congestion | |
| R3 | 81.9500 | ** | 61.8% ret of Sep-Dec fall | S2 | 79.0000 | * | break level | |
| R2 | 81.0000 | * | congestion | S3 | 77.5000 | * | congestion | |
| R1 | 80.7250 | * | 50% ret of Sep-Dec fall | S4 | 75.5400 | ** | 5 Dec (w) low |
Asterisk denotes strength of level
12:35 GMT - Choppy trade within the 77.5000 - 79.0000 range has given way to the anticipated push higher, with prices currently pressuring resistance at the 80.7250 Fibonacci retracement and congestion around 81.0000. Rising daily readings highlight room for a break and continuation of December gains towards the 81.9500 retracement. But by-then overbought daily stochastics are expected to limit any initial tests in consolidation, before improving weekly charts extend gains still further. Meanwhile, support is raised to congestion around 80.0000 and extends to 79.0000. A close beneath here, if seen, will add weight to sentiment and open up a test of congestion support at 77.5000.