Chart USD/RUB Update: Edging higher in range
Cautious trade around congestion support at 77.5000 has given way to a bounce
| Levels | Comment | Levels | Comment | |||||
| R4 | 80.0000 | ** | break level | S1 | 77.5000 | ** | congestion | |
| R3 | 79.4900 | * | 1 Jul (w) high | S2 | 75.8000 | * | congestion tops | |
| R2 | 78.8900 | * | 17-21 Jul (w) high | S3 | 75.0000 | ** | congestion | |
| R1 | 78.4600 | ** | 50% ret of Mar-May fall | S4 | 74.0000 | * | congestion |
Asterisk denotes strength of level
12:30 BST - Cautious trade around congestion support at 77.5000 has given way to a bounce, with prices currently testing levels just above resistance at the 78.4600 Fibonacci retracement. Mixed daily readings should limit any immediate break in consolidation beneath critical resistance at the 79.4900 weekly high of 1 July, before positive weekly charts prompt a break. A close above here will improve sentiment and confirm continuation of May gains, initially towards resistance at the 80.0000 break level and the 80.4600 Fibonacci retracement. Meanwhile, a close below 77.5000, if seen, would add weight to sentiment and open up 75.8000, where fresh buying interest is expected to appear.