FXStreet (Edinburgh) – The research team at BBH exposes its technical views on the LATAM universe.
Key Quotes
“USD/BRL has retraced nearly two thirds of the March-April drop. The 62% retracement objective of the March-April drop comes in near 3.15, and a break would put the pair on track to test the March 20 high near 3.3150. Using a longer time frame, the 3.06 area represents the 62% retracement level of the big 2002-2011 drop in USD/BRL. Break of that already targets the October 2002 high near 4.00”.
“USD/CLP has retraced over a third of the March-May drop. Retracement levels for that move come in near 618 (50%) and 624 (62%). Break above 624 would put it on track to test the March 18 high near 643. Using a longer time frame, charts already suggest a test of the November 2008 high near 686”.
“USD/MXN has retraced nearly two thirds of the March-April drop. The 62% retracement level for that move comes in near 15.32 (62%). Break above that would put it on track to test the March 11 all-time high near 15.67. Using a longer time frame, the top of an upward sloping channel dating back to the 1994 comes in near 18.60 currently”.
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