It seems that not much can stop the USD rally at the moment and the pair is poised to go down. Friday brings as a further weakness with the EURUSD penetrating the support area even deeper. That is a negative situation and promotes a bearish breakout. It looks that demand is really weak and the price should continue to decline.
USD is pretty strong but there is a currency, which is trying to oppose this trend – Russian Ruble. USDRUB was climbing higher recently but yesterday, the pair met an important resistance, which stopped that upswing, at least for a while. This resistance is created by the horizontal area around 65 and the dynamic down trendline. First contact brought us a bounce so we can assume that the supply is trying to come back to the market. My view on this instrument is negative.
The last instrument is an occasion for the patient traders – AUDCHF. The pair is below the dynamic resistance and above the horizontal support. The gap is getting more narrow, so we are getting closer to the final decision – the breakout. The price breaking the horizontal support should give us a sell signal and the price breaking the dynamic resistance should be a signal to go long.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis