#USDBRL @ 5.41540 : Break above 5.62/66 to open up further gains – SocGen
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USD/BRL has successfully defended the bullish gap near 5.01 recently, resulting in a steady bounce. 5.62/5.66 is expected to be an important resistance, economists at Société Générale report.
“The pair is now approaching the July high of 5.51 and more importantly heading towards the descending trend line drawn since 2020 at 5.62/5.66. This is expected to be an important resistance; cross above can result in next leg of uptrend.”
“Only if USD/BRL establishes itself below 5.01, there could be a risk of a deeper pullback.”
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