USD/RUB bounces off lows near 63.60

A weaker dollar and a continuation of the recovery in crude oil prices are dragging USD/RUB to lows near 63.60.

USD/RUB in 4-week lows

The pair has come to test multi-week lows in the 63.60 area as the greenback continues to suffer the current wave of selling pressure.

In addition, the ongoing recovery in crude oil prices has lifted the barrel of Brent crude to the $48.60/70 band, or 6-week tops, lending extra oxygen to the Russian currency.

USD/RUB levels to watch

At the moment the pair is retreating 0.44% at 63.76 and a break below 62.75 (2016 low Jul.14) would expose 62.04 (low Nov.4 2015) and finally 60.70 (low Oct.9 2015). On the flip side, the next up barrier aligns at 64.83 (55-day sma) followed by 65.26 (20-day sma2) and then 67.15 (high Jul.29).