Chart USD/RUB Update: Cautious trade - studies under pressure
The recent bounce from support at 81.0000 is giving way to consolidation
| Levels | Comment | Levels | Comment | |||||
| R4 | 87.1735 | ** | 9 Apr (m) high | S1 | 81.0000 | * | break level | |
| R3 | 85.9100 | ** | 11 Sep (m) high | S2 | 80.0000 | ** | congestion | |
| R2 | 85.0000 | ** | congestion | S3 | 79.1450 | ** | 7 Aug (w) range low | |
| R1 | 84.0000 | * | congestion | S4 | 78.0000 | ** | congestion |
Asterisk denotes strength of level
12:55 BST - The recent bounce from support at 81.0000 is giving way to consolidation, with prices currently trading around 82.0000. Daily readings are under pressure and overbought weekly stochastics are unwinding, suggesting room for fresh tests lower in the coming sessions. A break below 81.0000 will open up congestion around 80.0000. Further selling interest will turn sentiment negative and extend September losses towards strong support at the 79.1450 weekly range low of 7 August. Meanwhile, resistance is at congestion around 84.0000 and extends to 85.000. However, a close above the 85.9100 monthly high of 11 September is needed to turn sentiment positive and confirm continuation of July gains, initially to the 87.1735 monthly high of 9 April.