Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

USD/RUB Forecast: US Dollar Pulls Back Slightly Against the Ruble

By Crispus Nyaga
Crispus Nyaga is a financial analyst, coach, and trader with more than 8 years in the industry. He has worked for leading companies like ATFX, easyMarkets, and OctaFx. Further, he has published widely in platforms like SeekingAlpha, Investing Cube, Capital.com, and Invezz. In his free time, he likes watching golf and spending time with his wife and child.
  • During the early hours on Thursday, we saw the US dollar rally and reach towards the 97.5 level only to turn around and show signs of weakness.
  • All things being equal, this is a market that has a massive amount of resistance at that level but underneath we have a major support level in the form of the 94 level.
  • This is an area that has been very tough to overcome.

Furthermore, we also have the 50 day EMA racing towards that area offering a certain amount of support. So, I think it all ties together quite nicely for a continuation of the consolidation. Obviously, we have been very bullish for a while. So, to work off some of the excess froth would not be a huge surprise. If we do break above the 97.50 level, then the so-called measured move would be for this pair to reach the 101 level. All things being equal, I do think that will happen, but keep in mind that Friday is the non-farm payroll announcement and that of course will have a major influence on the greenback. As goes the bond market and more importantly the bond yields, so goes the greenback.

Top Forex Brokers

1
Get Started 74% of retail CFD accounts lose money Read Review

Don’t Forget the Influence of Oil on the Ruble

Oil has been very soft and that has not been a friend to the Russian ruble, nor has it been a friend to the Russian economy, but quite frankly at this point I think we are reaching an area where a bigger decision needs to be made and that might be what we are in the midst of watching right now. Again, the jobs number on Friday will be crucial so we need to pay close attention to it. If America produces a blowout number, it is possible that people may run to the US dollar in general, and smaller currency pairs like this one will feel a somewhat outsized effect.

USD/RUB Forecast Today - 01/11: USD Pulls Back (Chart)

Ready to trade our daily Forex analysis? We’ve made this forex brokers list for you to check out

Crispus Nyaga
About Crispus Nyaga
Crispus Nyaga is a financial analyst, coach, and trader with more than 8 years in the industry. He has worked for leading companies like ATFX, easyMarkets, and OctaFx. Further, he has published widely in platforms like SeekingAlpha, Investing Cube, Capital.com, and Invezz. In his free time, he likes watching golf and spending time with his wife and child.
 

Most Visited Forex Broker Reviews