The dollar has fallen against the ruble currency to sell

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Taking important levels for the currency, the Russian ruble gained momentum for growth. The movement on Friday and Monday was largely due to the closure of stop orders in connection with access beyond the established trading range.
It is important that this strengthening was supported by trading volumes on MICEX: a pair USDRUB with calculations “tomorrow” they were the most in more than month period. Often, this indicates the players to connect to the movement.
In global markets it is also noted the development of demand for risk, which further boosts the interest in the ruble.
From the technical analysis to the next nearest stop for USDRUB is at 64, which is from April to August was significant resistance in the path of growth of the pair. However, a powerful movement of the ruble in previous days allows you to search for a possible more long-term goals for the downward movement. According to the analysis in the case of growth on world markets, USDRUB is quite has a chance to fall to the previous consolidation area in close proximity to 62.
Today early in the session EURRUB also entered a new range, trying to go below 73. A strong move in the previous days able to tighten all the new members, causing the development pressure on the Euro against the ruble. The current pulse may remain in force, until the level 72 EURRUB.
In our opinion, for development of a descending trend beyond 62 and 72 may require a new serious driver. While risks remain for rollback, able to break down the technical picture.
Significant immediate obstacle to the growth of the Russian currency is seen the fed meeting next Wednesday. It is possible that the markets have over-inflated expectations for dovish stance from the fed. Next equally important event is the meeting of the Bank of Russia this Friday.
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Alexander Kuptsikevich,
Analyst
FxPro