USD/RUB extends the rebound to 63.60

The Russian currency remains on the defensive this week, now sending USD/RUB to test the area of daily tops in the 63.60/65 band.

USD/RUB weaker on oil drop

Spot is losing further ground following another soft session from crude oil prices, with the barrel of Brent crude threatening to break below the key $46.00 support, fresh 2-month lows.

In addition, the USD rally remains unabated, pushing the US Dollar Index to fresh 4-month highs in the area of 97.40.

RUB is also deriving extra weakness from the delicate situation in Turkey and its consequences over TRY.

USD/RUB levels to watch

At the moment the pair is advancing 0.19% at 63.66 facing the next hurdle at 63.97 (20-day sma) followed by 65.80 (high Jul.6) and finally 67.67 (high Jun.2). On the other hand, a break below $62.75 (2016 low Jul.14) would expose 62.04 (monthly low Nov.2015) and then 60.70 (monthly low Oct.2015).