Forex Market: USD/RUB daily forecast

During yesterday’s trading session USD/RUB traded within the range of 35.100-35.622 and closed at 35.622.

At 8:21 GMT today USD/RUB was gaining 0.16% for the day to trade at 35.625. The pair touched a daily high at 35.685 at 6:00 GMT.

Fundamental view

Home values in 20 large cities throughout the United States probably rose at an annualized rate of 9.9% in May, preliminary analysts’ estimates showed. In April, home prices climbed at a rate of 10.82%, that was the weakest since February 2013. S&P/Case-Shiller will release the official rate at 13:00 GMT. Higher than expected reading would bolster greenbacks demand.

At the same time, confidence among US consumers probably improved in July. The corresponding index probably rose to a reading of 85.5 from 85.2 in June. The Conference Board research group is to announce the results from its survey, encompassing over 5 000 households in the country, at 14:00 GMT. If the gauge of confidence shows a better than expected performance, this would certainly heighten the appeal of the US dollar.

Technical view

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 35.448. In case USD/RUB manages to breach the first resistance level at 35.796, it will probably continue up to test 35.970. In case the second key resistance is broken, the pair will probably attempt to advance to 36.318.

If USD/RUB manages to breach the first key support at 35.274, it will probably continue to slide and test 34.926. With this second key support broken, the movement to the downside will probably continue to 34.752.

In weekly terms, the central pivot point is at 35.099. The three key resistance levels are as follows: R1 – 35.438, R2 – 35.743, R3 – 36.082. The three key support levels are: S1 – 34.794, S2 – 34.455, S3 – 34.150.