Chart USD/RUB Update: Choppy in range - studies leaning lower
The anticipated break above congestion around 93.0000 has been pushed back from beneath the 94.5925 Fibonacci retracement
Levels | Comment | Levels | Comment | |||||
R4 | 95.4750 | * | 23 Feb YTD high | S1 | 92.0000 | * | congestion | |
R3 | 95.0000 | ** | congestion | S2 | 91.0000 | * | congestion | |
R2 | 94.5925 | ** | 50% ret of Oct-Jan fall | S3 | 90.0000 | * | congestion | |
R1 | 93.0000 | * | congestion | S4 | 88.0000 | * | congestion |
Asterisk denotes strength of level
11:55 BST - The anticipated break above congestion around 93.0000 has been pushed back from beneath the 94.5925 Fibonacci retracement, with sharp selling interest bouncing from 91.0000 into cautious trade around 92.0000. Daily readings have ticked down and broader weekly charts are also under pressure, highlighting a deterioration in sentiment and room for further losses in the coming sessions. 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 88.0000. Meanwhile, any tests above 93.0000 should meet fresh selling interest towards 94.5925.