Published: 2024-10-24T12:00:58.000Z
Chart USD/RUB Update: Consolidating - studies under pressure
Senior Technical Strategist
-
Still little change, as choppy price action extends pressure on congestion support at 96.0000
| Levels | Comment | Levels | Comment | |||||
| R4 | 102.5500 | ** | 9 Oct 2023 (m) high | S1 | 96.0000 | * | congestion | |
| R3 | 100.0000 | ** | congestion | S2 | 94.0000 | * | break level | |
| R2 | 98.5750 | 15 Oct YTD high | S3 | 92.0000 | ** | congestion | ||
| R1 | 97.8250 | ** | 76.4% ret of Oct-Jun fall | S4 | 90.0000 | ** | congestion |
Asterisk denotes strength of level
12:40 BST - Still little change, as choppy price action extends pressure on congestion support at 96.0000. Daily readings are negative and overbought weekly studies are also flattening, highlighting a deterioration in sentiment and potential for fresh losses. A close below 96.0000 will turn sentiment outright negative and open up support at 94.0000. Still further losses cannot be ruled out. Meanwhile, resistance remains at the 97.8250 Fibonacci retracement. A close above here, if seen, would turn sentiment positive and extend June gains towards strong resistance at 100.00.