The Russian currency appears to be remaining below the resistance of 65.55. But a figure resembling a pennant with a very long handle is currently forming in the daily chart. The double bottom is there as well. So, we assume that the level of 65.55 will eventually get broken through:
Based on the latest reports by COT CFTC, large operators have shortened both long and short positions on the Russian currency. It can signify a potential growth of the Russian ruble. Shortening the long positions at their maximum levels can make the currency pair USD/RUB jump and break the abovementioned pennant through:
The U.S. Dollar index measuring the value of U.S. dollar relative to the basket of top six currencies closed with a shooting star in the weekly chart and formed the black candle or evening star. The evening star touched the broken uptrend and horizontal resistance level of 98.40. We assume that U.S. dollar could drop market wide although it can act totally different along with some local currencies:
Please note that this material is provided for informational purposes only and should not be considered as investment advice. Trading in the financial markets is very risky.