Chart USD/RUB Update: Fresh year lows not sustained
The break below support at the 75.0500 Fibonacci retracement has posted a fresh year low around 74.0250
| Levels | Comment | Levels | Comment | |||||
| R4 | 85.0000 | ** | congestion | S1 | 78.0000 | congestion lows | ||
| R3 | 83.5000 | * | congestion | S2 | 75.0500 | ** | 61.8% ret of 2022-2024 rally | |
| R2 | 81.0000 | * | break level | S3 | 74.0250 | ** | 10 Jul YTD low | |
| R1 | 80.0000 | ** | congestion | S4 | 73.0000 | ** | congestion |
Asterisk denotes strength of level
12:00 BST - The break below support at the 75.0500 Fibonacci retracement has posted a fresh year low around 74.0250, before bouncing smartly to trade back in consolidation above congestion support at 78.0000. Daily studies are rising and broader weekly charts are also showing signs of improvement, suggesting potential for a drift higher towards congestion resistance at 80.0000. Already overbought daily stochastics, however, should limit any initial break in renewed consolidation beneath 81.0000. Meanwhile, a break back below 78.0000 will add weight to sentiment. But a close below 74.0250 is needed to turn price action outright negative, complete a multi-week distribution pattern from May and extend November 2024 losses towards congestion around 73.0000.