Chart USD/BRL Update: Fresh all-time highs - studies rising
Recent cautious trade beneath the 6.1150 monthly high of 29 November has given way to a sharp break higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 6.3000 | * | figure | S1 | 6.1150 | * | 29 Nov (m) high | |
| R3 | 6.2500 | * | figure | S2 | 6.0000 | * | break level | |
| R2 | 6.2000/75 | ** | figure; 17 Dec all-time high | S3 | 5.8750 | * | break level | |
| R1 | 6.1850 | ** | 76.4% proj of 2023-2024 rally | S4 | 5.8000 | ** | congestion |
Asterisk denotes strength of level
17:15 GMT - Recent cautious trade beneath the 6.1150 monthly high of 29 November has given way to a sharp break higher, as daily studies turn higher once again. Prices are currently consolidating the test of resistance at the 6.1850 Fibonacci projection and 6.2000. However, broader weekly charts are also strengthening, suggesting room for still further strength in the coming sessions. A close above 6.2000 and the 6.2075 current all-time high from 17 December will improve price action and extend gains towards 6.2500. Meanwhile, a close back below 6.1150 would prompt fresh consolidation above further support at 6.0000.