Chart USD/RUB Update: Fresh year highs
Choppy trade is giving way to the anticipated break above the 97.8250 Fibonacci retracement
| 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 | 99.0080 | intraday high | S4 | 90.0000 | ** | congestion |
Asterisk denotes strength of level
13:00 BST - Choppy trade is giving way to the anticipated break above the 97.8250 Fibonacci retracement, with prices currently balanced beneath the 99.0080 current day high, (and fresh 2024 high). Daily readings have ticked higher, highlighting potential for continuation of June gains towards congestion resistance at 100.00. But flat overbought weekly stochastics are expected to limit any immediate break in consolidation beneath critical resistance at the 102.4500 Fibonacci retracement and the 102.55 monthly high of 9 October 2023. Meanwhile, support remains at congestion around 96.0000. A close beneath here, if seen, would add weight to price action and prompt a pullback towards support at the 94.0000 break level.