The USD/CLP converging range from late March looks very much like a potential bullish “triangle” continuation pattern, in the opinion of analysts at Credit Suisse. The pair is trading at 860.50.
Key quotes
“Above 867.17 is needed to add weight to the bullish ‘triangle’ continuation pattern for a move back to the 878.96 March YTD high.”
“Above 878.96 can see the ‘measured triangle objective’ at 916. Given the typical close inverse relationship with Copper, if this is correct, we would also be alert to an end to the Copper rebound and a fresh move lower here.”
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