USD/RUB still targets 63.97/64.28 – Commerzbank

Axel Rudolph, Senior Analyst at Commerzbank, believes the pair is on its way to retest the 63.97/64.28 band.

Key Quotes

“USD/RUB remains on track to reach the 63.97/64.28 early May highs”.

“Once a rise above the next higher April high at 65.04 has been seen, the May, July and November 2016 highs at 66.49/67.69 will be in focus”.

“Minor support remains to be seen between the 55 day moving average at 61.92 and the May low at 60.95”.

“More important support comes in at the 60.58/51 November high and mid-April low. While this support zone underpins, we will retain our medium-term bullish forecast”.