Could the USD/RUB Drop?
Good day!
The russian ruble closed the trading week at the 63 level and is currently preparing for its next move. We could assume that a pennant can form. Should this pennant form and then get broken through, the currency pair could reach the 62.48 level and quickly drop. Currently, the 62.48 level is likely to get broken soon. The asset’s price might jump after approaching the 63.65 resistance level:
Based on the latest data by COT CFTC, large operators slightly shortened their long positions on the Russian ruble, yet this asset is doing relatively well:
In the weekly chart, silver confidently broke the downtrend and dropped till the 16.213 level which ”blocked” any further price moves. Next week silver may pull back down to approach the broken trend and then jump away from it:
Stock index S&P500 might get below the 2960.00 level and then drop even further. In principle, index rates tend to break historical maximums. However they always tend to return down under them.
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