USD/BLR: Exploded to the upside – Commerzbank

USD/BRL xploded to the upside and made a new all-time high near the 5.7500 mark, analysts at Commerzbank apprise.

Key quotes

“USD/BRL exploded to the upside and made a new all-time high at 5.7467, made close to minor psychological resistance at 5.7500.”

“We would tighten stops on longs to the 2-month uptrend at 5.33.”

“Upside pressure should remain in play while the currency pair trades above the March and early April highs as well as the three-month support line at 5.3566/5.2535.”