Forex Market: USD/RUB daily trading forecast

Yesterday’s trade saw USD/RUB within the range of 35.977-36.393. The pair closed at 36.014, losing 0.88% on a daily basis.

At 12:42 GMT today USD/RUB was up 0.46% for the day to trade at 36.212. The pair broke the first key daily and the first key weekly resistance levels and touched a daily high at 36.375 at 10:20 GMT.

Fundamental view

United States

At 14:00 GMT Federal Reserve Chair Janet Yellen is expected to take a statement at the Jackson Hole Economic Policy Symposium. Yellen took office as Chair of the Board of Governors of the Federal Reserve System on February 3rd 2014 for a four-year mandate ending on February 3rd 2018.

The greenback received massive support against its major peers, following the release of the minutes from Feds most recent meeting on policy on Wednesday. The minutes revealed that US labor market is improving at a faster than projected pace, while these better labor market conditions could lead to a sooner than expected increase in the Fed cash rate.

Technical view

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 36.128. In case USD/RUB manages to breach the first resistance level at 36.279, it will probably continue up to test 36.545. In case the second key resistance is broken, the pair will probably attempt to advance to 36.695.

If USD/RUB manages to breach the first key support at 35.863, it will probably continue to slide and test 35.712. With this second key support broken, the movement to the downside will probably continue to 35.447.

The mid-Pivot levels for today are as follows: M1 – 35.580, M2 – 35.788, M3 – 35.996, M4 – 36.204, M5 – 36.412, M6 – 36.620.

In weekly terms, the central pivot point is at 36.073. The three key resistance levels are as follows: R1 – 36.336, R2 – 36.557, R3 – 36.820. The three key support levels are: S1 – 35.852, S2 – 35.589, S3 – 35.368.