FxWirePro: USD/RUB hits six month high on weak oil prices, good to buy at dips

RUB/USD has reached six month low today on account of weaker oil prices and upsurge in fighting in east Ukraine.

• Oil prices fell to six year low due to weaker than expected Japanese GDP data and increase in global oil supply.
• Bakers Hughes Inc oil field service firm has said that the number of rigs drilling for oil in US rose for the fourth straight week.
• Technically USD/RUB major resistance is around 65.85 and any break above would extend gains till 67.48/70.50/71.85.
• On the downside minor support is around 64.20 and any break below will drag the pair further down till 63.50/62.70.

It is good to buy at dips around  65 with SL around 63.50 for the TP 67.45/70.50