– In the markets continued retreat of the dollar, but this is not visible in the dynamics of the pair USD/RUB. In contrast, the EUR/RUB has broken the level of 84, after rising to highs since April.
the Growth is due to the influence of the policy of the Swiss National Bank. He is trying to weaken the franc by buying mostly Euro in their foreign exchange reserves. In may-June the artificial growth of the EUR/CHF went from levels of 1.05 to 1.09. Now the rise began with elevations of just above 1.06 and have already strengthened 1,084 euros to the franc, leaving the potential for further growth. With oil balancing between the global weakness of the dollar and fears of falling demand because of the new wave of the pandemic.
In these conditions, the ruble slips against dollar and the Euro loses much here already a month and a half. However, technical analysis suggests that the strengthening of the Euro against the ruble can be developed in the coming days and weeks. It is possible that the pair will be able to reach 85 this week.
EUR/RUB is not growing as dramatically as it did in February-March. This means that all the less reason to consider it as strengthening the short-term distortion of the market. Further, it will be important to monitor how the pair behaves at the psychological level of 85. A sharp increase in the above would mean that investors continue to bet against the ruble, and may be targeting another test of the highs 88-90 region, as in the beginning of 2016 or earlier this year.
If a region 85, we will see a tug of war between buyers and sellers, it should be considered a positive signal for the ruble. The Russian currency, in this case can be considered interesting enough to purchase at that time, as the growth momentum of EUR/USD is exhausted, at least for the next few weeks.
