USD/RUB sidelined while below 63.79/64.28 – Commerzbank

Senior Analyst at Commerzbank Axel Rudolph notes the pair should extend the rangebound theme while below the 63.79/64.28 band.

Key Quotes

“USD/RUB is once again approaching the May, June and July highs at 63.79/64.28”.

“While this area continues to cap, further range trading should be on the cards with the 55 day moving average at 62.74 possibly being retested”.

“Minor support below it sits at 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”.