USD/RUB: Scope for a rebound towards the 71.50 June low – SocGen

USD/RUB has reached potential support at 70.60/70.40. Economists at Société Générale expect the pair to bounce towards the June low of 71.50 and beyond on a break above here.

Failure to hold 70.60/70.40 to open up 69.60

“USD/RUB has formed a daily Bullish Engulfing denoting possibility of a bounce. First layer of hurdle is located at June low of 71.50. This must be overcome for an extended rebound.”

“Failure to hold 70.60/70.40 would denote continuation in decline towards projections at 69.60.”