Chart USD/RUB Update: Leaning lower
Cautious trade is giving way to a drift lower
| Levels | Comment | Levels | Comment | |||||
| R4 | 85.0000 | ** | congestion | S1 | 78.0000 | congestion lows | ||
| R3 | 83.5000 | * | congestion | S2 | 76.8600~ | ** | 29 May YTD low | |
| R2 | 81.0000 | * | break level | S3 | 75.0500 | ** | 61.8% ret of 2022-2024 rally | |
| R1 | 80.0000 | ** | congestion | S4 | 74.8450 | ** | May 2023 low |
Asterisk denotes strength of level
12:40 BST - Cautious trade is giving way to a drift lower, with prices currently pressuring support at the 78.0000 congestion lows. Daily readings are deteriorating, highlighting potential for a test beneath here. But rising weekly charts are expected to limit scope in renewed buying interest towards critical support is at the 76.8600~ current year low of 29 May. A close beneath here, if seen, would turn sentiment negative, complete a multi-week distribution pattern and extend November 2024 losses towards strong support at the 74.8450 low of May 2023 and the 75.0500 Fibonacci retracement. Meanwhile, resistance remains at 80.0000-81.0000 and should cap any immediate tests higher.