According to Axel Rudolph, senior analyst at Commerzbank, USD/BRL has a key resistance at 3.9527/3.9671, made up of the June and July highs.
Key Quotes
“While it caps on a daily chart closing basis, we will retain our neutral stance. Having said that, upside pressure should be maintained while the mid-November high and the two month uptrend line at 3.8610/3.8308 underpin. If this support area were to give way the mid-October high at 3.7880 would be eyed.”
“Further support is seen along the 200 day moving average at 3.7507 and stronger support between the June, July and August lows at 3.6904/3.6709.”
“Were the June high at 3.9671 and the 61.8% Fibonacci retracement at 3.9746 to be overcome, the early September low at 4.0372 would be targeted.”
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