Published: 2024-11-07T13:21:09.000Z
Chart USD/RUB Update: Choppy at highs - studies under pressure
Senior Technical Strategist
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Choppy trade has spiked to a fresh year high at 99.0580
| Levels | Comment | Levels | Comment | |||||
| R4 | 102.5500 | ** | 9 Oct 2023 (m) high | S1 | 96.0000 | * | congestion | |
| R3 | 102.4500 | ** | 50% ret of 2022 fall | S2 | 94.0000 | * | break level | |
| R2 | 100.0000 | ** | congestion | S3 | 92.0000 | ** | congestion | |
| R1 | 99.0580 | * | 6 Nov YTD high | S4 | 90.0000 | ** | congestion |
Asterisk denotes strength of level
13:00 BST - Choppy trade has spiked to a fresh year high at 99.0580, before settling lower into consolidation around 96.0000. Daily readings are turning down and flat overbought weekly stochastics are also coming under pressure, highlighting a deterioration in sentiment and potential for further losses. However, a close below congestion support at 96.0000 is needed to add weight to sentiment and prompt a deeper reaction towards 94.0000. Meanwhile, any tests above 100.0000, if seen, should fade beneath critical resistance within 102.4500 - 102.5500.