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USD/RUB is too emotional - first time above 40!

FXStreet (Moscow) - USD/RUB opened the trades with emotional move higher above 40 for the first time in history reacting to the news the Bank of Russia moved the upper limit of the trading corridor; currently it retreated 39.90.

Where is the end?

Ruble is pressured by the recent USD strengthening on positive labor data. The pair again hit another historical high at 40.04 this morning, and entered the Bank of Russia interventions zone. Although the Russian currency was in no hurry to return to 39.50 area on the central bank actions, still the current highs do irritate the national monetary authorities, as they may fuel a new wave of inflation. It means, the central bank will try to do its utmost to prevent the pair from rising further, and some significant corrections are not ruled out at this stage.

What are today’s key USD/RUB levels?

Today's central pivot point can be found at 39.96, with support below at 39.74, 39.32 and 39.10, with resistance above at 40.38, 40.60 and 41.02. Hourly Moving Averages are largely bullish, with the 200SMA at 39.17 and the daily 20EMA bullish at 38.63. Hourly RSI is bullish at 77.

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