Chart USD/RUB Update: Under pressure
Cautious trade is giving way to the anticipated break lower
| Levels | Comment | Levels | Comment | |||||
| R4 | 85.0000 | ** | congestion | S1 | 79.1450 | ** | 7 Aug (w) range low | |
| R3 | 84.0000 | * | congestion | S2 | 78.6200 | ** | 61.8% ret of Jul-Sep rally | |
| R2 | 81.0000 | * | break level | S3 | 78.0000 | ** | congestion | |
| R1 | 80.0000 | ** | congestion | S4 | 76.9000 | ** | 76.4% ret of Jul-Sep rally |
Asterisk denotes strength of level
12:55 BST - Cautious trade is giving way to the anticipated break lower, with prices currently consolidating the test of support at the 79.1450 weekly range low of 7 August. Oversold daily stochastics are flat, suggesting potential for consolidation around here. But the bearish daily Tension Indicator and negative weekly charts highlight room for further losses in the coming sessions. A break below 79.1450 will add weight to sentiment and extend September losses towards congestion around 78.0000. Continuation down to the 76.9000 Fibonacci retracement cannot be ruled out. Meanwhile, resistance is at congestion around 80.000 and extends to 81.0000. A close above here would help to stabilise price action and prompt consolidation beneath the 84.0000 - 85.0000 range.