USD/RUB could climb as high as 101.00 – SocGen

USD/RUB has given a breakout above the triangle within which it has evolved for the last five years. Economists at Société Générale note that the pair could reach the 101.00 level.

Holding 80.00/79.50 would mean persistence in the up move

“Defending the triangle upper limit at 80.00/79.50 would mean persistence in the up move. Next short-term projections are at 91.20 and 96.40.” 

“March 2020 high of 82.80 is first support.” 

“Target for the triangle breakout is located at 101.00.”