Chart USD/RUB Update: Gains to remain limited
Consolidation above congestion support at 91.0000 is giving way to a test higher
Levels | Comment | Levels | Comment | |||||
R4 | 95.0000 | ** | congestion | S1 | 91.0000 | * | congestion | |
R3 | 94.5925 | ** | 50% ret of Oct-Jan fall | S2 | 90.0000 | * | congestion | |
R2 | 93.0000 | * | congestion | S3 | 88.7500 | * | congestion | |
R1 | 92.0000 | * | congestion | S4 | 88.0000 | * | congestion |
Asterisk denotes strength of level
12:45 BST - Consolidation above congestion support at 91.0000 is giving way to a test higher, as oversold daily stochastics tick higher, with prices currently pressuring congestion resistance at 92.0000. A test above here cannot be ruled out. However, the bearish daily Tension Indicator and negative weekly charts should limit scope in fresh selling interest beneath further congestion around 93.0000. Following any tests higher, cautious trade is expected to give way to a break lower. However, a close below 90.0000 is needed to confirm a near-term top in place at the 95.4750 current year high of 23 February, and extend February losses towards support within 88.0000 - 88.7500.