USD/RUB challenges highs near 70.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Russian currency is depreciating further vs. its American peer today, sending USD/RUB to challenge 4-month tops near 70.00 the figure.

    USD/RUB firmer on CBR decision

    Spot has managed to rebound from lows near the 66.00 handle after the Russian central bank (CBR) has left its refi rate unchanged at 11.00%, matching prior estimates.

    The Russian currency has been also hit by the ongoing slump of crude oil prices, collaborating with the pair’s upside to levels last seen in August.

    USD/RUB levels to consider

    At the moment the pair is gaining 1.16% at 69.71 facing the next resistance at 71.66 (high Aug.21) followed by 71.93 (2015 high Jan.30) and then 80.02 (high Dec.16 2014). On the other hand, a drop below 65.06 (7-month uptrend) would expose 63.29 (76.4% Fibo of 71.66-60.70) and finally 60.70 (low Oct.9).

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