USD/RUB upside pressure remains near term – Commerzbank

Senior Analyst at Commerzbank Axel Rudolph suggested that short –term upside pressure stays intact while spot trades above 60.58/51.

Key Quotes

“USD/RUB formed a bottom at its 55.42 February low, close to the April 2017 low at 55.70 and the January low at 55.58, and then rallied to its April high at 65.04 before consolidating and slipping back to its recent lows at 60.95/58 before heading back up again”.

“Further consolidation below the 64.28 current May high and the 65.04 April peak is expected to be seen but short-term pressure if definitely pushing upwards at the moment”.

“Immediate upside pressure will be maintained while the April 19 low and the November high at 60.58/51 underpin on a daily chart closing basis”.