FX.co ★ Ruble defeats its major opponents

Recently, the US dollar plunged to 57.30 against the ruble on the Moscow Exchange while the euro neared the level of 68 rubles. Analysts expect the ruble to test a strong support near 56-56.40 against the greenback.

The ruble strengthened amid a robust rise in oil prices that is the key driver for the Russian currency. The commodity prices more than just rose – they skyrocketed above $57 and moved further upwards. Probably, such positive a positive dynamic prompted traders to invest into the Russian currency actively.

There is a strong possibility of a deeper fall for the dollar-ruble pair. Analysts do not see any significant support levels here, so the quotes are likely to slide by about 3 rubles.

In this case, the developments on the foreign exchange market play a major role. If the US dollar gains ground and the single European currency falls, then the euro-dollar pair may return to the area of 1.10 and even lower. Meanwhile, this pair is completing a reversal pattern. At the same time, the euro may be put under pressure against the ruble on the Moscow Exchange and may retreat to yearly lows.