Commerzbank analysts they point out that the USD/RUB it had probably peaked at 80.94. They explained that a daily close below 76.02 (October low) would confirm a top formation.
Key statements:
“The USD / RUB advance has taken it above the late September high of 79.99 to the current November high of 80.94 before rapidly retreating below the October low of 76.02. Given that the negative divergence in the daily RSI accompanied the current November high at 80.94, we decided to neutralize our forecast for now. ”
“A failure at the 76.02 October low based on the close of the daily chart would confirm a top formation and the bias would change to bearish. In this case, the lows of early to mid-August and September at 73.37 / 72.64 would return to the mark, as well as the high of early July at 72.31 ”.
“The minor resistance comes at the mid-October high of 78.47 and the major resistance at the current September and November highs at 79.99 / 80.94. Higher up is the March high at 82.12 ”.
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Credits: Forex Street
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