USD/BRL to advance nicely toward March and April highs at 5.7560/5.8795 – Commerzbank

The USD/BRL pair is to continue its rise. Analysts at Commerzbank target the March and April peaks at 5.7560/5.8795.

Bullish bias while above the three-month uptrend line at 5.1454

“USD/BRL is seen heading towards the March and April peaks at 5.7560/5.8795. On the way there the May high can be spotted at 5.4842.” 

“We will retain our bullish forecast while the cross stays above the three-month uptrend line at 5.1454. This guards the 5.0541/5.0408 mid and late July lows.” 

“Only a currently unexpected slip through the 5.0408 late July low would put the June low at 4.8932 back on the cards.”