23 Dec 2014
USD/RUB extends losses, down 3%
FXStreet (Mumbai) - The Russian ruble firmed against the US dollar during the early European morning, extending gains for the third straight session as oil prices rebounded after sharp sell-off seen yesterday.
Currently, USD/RUB trades now at 54.07 levels, losing -3.20% on the day, after posting daily low at 53.03 levels. The ruble retreated from its intraday highs in the US trading, as further strengthening of the currency was bound by falling crude oil prices.
However, the ruble managed to gain ground against the US dollar after oil prices bounced- back from 5-year lows on expectations of better than estimates US economic data which is due for release later today. Also, ruble stabilization efforts after China's proactive proposal to use Yuan-ruble swaps in mutual trade and last week’s Russian Central Bank’s action have kept some floor under the Russian currency.
USD/RUB Technical Levels
To the upside, the next resistance is located at 55.86 (Today’s High) and above which it could extend gains to 57 levels. To the downside, immediate support might be located at 52.46 (Dec 5 Low) and below that at 50 levels.
Currently, USD/RUB trades now at 54.07 levels, losing -3.20% on the day, after posting daily low at 53.03 levels. The ruble retreated from its intraday highs in the US trading, as further strengthening of the currency was bound by falling crude oil prices.
However, the ruble managed to gain ground against the US dollar after oil prices bounced- back from 5-year lows on expectations of better than estimates US economic data which is due for release later today. Also, ruble stabilization efforts after China's proactive proposal to use Yuan-ruble swaps in mutual trade and last week’s Russian Central Bank’s action have kept some floor under the Russian currency.
USD/RUB Technical Levels
To the upside, the next resistance is located at 55.86 (Today’s High) and above which it could extend gains to 57 levels. To the downside, immediate support might be located at 52.46 (Dec 5 Low) and below that at 50 levels.