OctaFX | OctaFX Forex Broker
Open trading account

USD/RUB posted new historical high at 38.79

FXStreet (Moscow) - USD/RUB opened the trades at 38.46, and rushed higher right away currently posting another historical high at 38.79.

Too many factors of pressure

The Russian currency stays under pressure since last Friday, as too many negative factors affect the ruble. The panic was triggered by the new round of EU and US sanctions aimed at the largest Russian corporations, and oil sector. Given the seize-fire agreement between Ukraine and the rebels, investors expected the new pack of measures against Russia wouldn’t be launched, but they were wrong – EU approved the last pack on September, 12.

Meanwhile, the oil has slid below $100 a barrel last week, and is currently trading at 97.61, promising Russia reduced revenue from it key export product, and putting the ruble under additional pressure.

And the last, but not the least reason of ruble weakness lies in the current Bank of Russia strategy – the regulator is planning to send the national currency to free float by 2015. It has already broadened the trading band of the currency basket, and reduced the amount of interventions.

What are today’s key USD/RUB levels?

Today's central pivot point can be found at 38.60, with support below at 38.18, 37.92 and 37.50, with resistance above at 38.86, and 39.28. Hourly Moving Averages are bullish, with the 200SMA at 37.33 and the daily 20EMA bullish at 37.00. Hourly RSI is bullish at 74.

EUR/JPY initial hurdle at 139.57/81 – Commerzbank

In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the upside in the cross will fin the initial hurdle in the mid/upper-139.00s...
Read more Previous

GBP/USD plunged to 5-day low on rumors of weaker CPI

GBP/USD opened the day at 1.6230, made an attempt to rise posting session high at 1.6248, before plunging to 5-day low at 1.6170.
Read more Next
Start livechat