A progression of higher peaks and troughs has led USD/RUB towards 77.30 earlier this month. The pair is now in a consolidation phase but economists at Société Générale expect USD/RUB to resume its advance towards the April high of 78.10/78.30.

Daily Ichimoku cloud at 74.30/74.00 should contain the downside

Currently, a pause is underway, however, daily Ichimoku cloud at 74.30/74.00 should contain the downside. Defending this support, the ongoing bounce is expected to persist.” 

“Next potential hurdles are located at April 2021 high of 78.10/78.30 and projections of 79.80.”