We open Buy positions for two reasons. Firstly, the US Federal Reserve continues to aggressively print money and buy assets, which will have a negative influence on the dollar quotes. A change in trend can be expected no earlier than November 3, when the Fed will hold its next meeting on monetary policy.

Secondly, a bullish rally in the oil market will have a negative influence on the dollar, inasmuch as assets have been historically inversely correlated. Raw materials are quoted in dollars and with the rise in oil prices the American currency is getting cheaper. The oil market has good potential for growth, insofar as oil reserves in the OECD countries are well below the five-year average, which has always contributed to the rise in oil prices in the past.

Trading recommendation: Buy 1.3650/1.3625 and take profit 1.3750.