USD/RUB and USD/MXN: bouncing downwards

Do you notice the similarity between these two charts? As both currencies are equally weak against the USD, the Russian ruble and the Mexican peso are following almost identical patterns.

For both, we have local resistance that sent the price downwards. For USD/RUB – it’s at 75.60; for USD/MXN – 20.20. Now, both are likely to go downwards aiming at local support levels: with the ruble, it’s 73.00, with the peso – 19.55. At least, meeting the Moving Averages that all are converging down below seems the most probable short-term scenario for USD/RUB and USD/MXN.

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Author: FBS Analyst Team

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