USD/BRL needs to surpass 5.9714 to resume the uptrend – Credit Suisse

According to the Credit Suisse analyst team, only above 5.9714 would suggest a resumption of the uptrend in USD/BRL.

Key quotes

“USD/BRL remains in the broad range of the past year, but with weekly MACD momentum pointing higher, we look for a fresh test of its upper end at 5.8743/5.9714. Only a clear above here though would suggest a resumption of the uptrend and confirm a large bullish ‘triangle’ continuation pattern, with next resistance seen at 6.31, ahead of 6.50.”

“Support for a setback is seen at the potential uptrend from June 2020 at 5.11, ahead of 4.8194. Only beneath here would see a top constructed to suggest a more concerted phase of weakness.”