USD/RUB drops to lows near 65.70

The Russian currency is now gathering further traction, lifting USD/RUB to the lower bound of the range in the 65.75/70 band.

USD/RUB focus on FOMC, CBR

The pair is retreating for the first time after six consecutive sessions with gains, fading the spike to yesterday’s multi-week tops in the mid-66.00s following some recovery in crude oil prices.

Spot will remain under scrutiny later in the week, as the FOMC is expected to deliver an upbeat statement ahead of US GDP and the CBR interest rate decision on Friday.

USD/RUB levels to watch

At the moment the pair is retreating 0.23% at 65.79 facing the next support at 64.93 (55-day sma) followed by 64.18 (20-day sma) and then 62.75 (2016 low Jul.14). On the other hand, a break above 66.53 (high Jul.26) would open the door to 67.67 (high Jun.2) and finally 68.69 (200-day sma).