USD/RUB to continue its fall towards the 2014-2021 uptrend at 69.52 – Commerzbank

USD/RUB is seen slipping back towards the December 2018 high at 69.78. Below this mark lies the 2014-2021 uptrend at 69.52, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

Russian rouble appreciates

“USD/RUB continues its descent towards the December 2018 high at 69.78. The next lower 2014-2021 uptrend line at 69.52 may be reached as well. Below it sits the 68.04 June 2020 low.”

“Minor resistance above the 71.55 June low is found at the 72.13 mid-October high and also at the 72.22 September low. Further minor resistance sits between the August and early September lows at 72.55/69. Still, further resistance comes in along the seven-month resistance line at 73.00.”

“For any kind of (unexpected) bullish reversal to gain traction, a rise and daily chart close above the September 20 high at 73.62 would need to be seen. This scenario is highly unlikely, though.”