- USD/CLP is in a bullish technical pattern preparing to break the 920.00 barrier.
- Copper prices fell to five-week lows, reaching the key support of 4.45.
The USD/CLP began the European session with a daily low of 907.38, reacting upwards when the US employment data was released, reaching a daily high of 919.50. Currently, the price of the US Dollar against the Chilean Peso is trading at 914.43, gaining 0.66% on the day.
The price of copper weakens and reaches lows not seen in five weeks
Copper has registered a sharp fall of 4.21% today, reaching lows not seen since May 2. The decrease in the price of copper is a reflection of the economic contraction, in a context in which measures to boost the real estate market in China seem to have no effect in the short term.
USD/CLP has formed a technical pattern (bullish pennant) from the May 20 low at 881.85 to the June 3 high at 920.05, getting ready to break the near-term resistance at 920.00.
Technical levels in the USD/CLP
The closest support is at 896.23, the session low of May 28. We see the next key support at 881.85, the minimum reached on May 20. The resistance to consider in the short term is at 920.05, the June 3 high that comprises the top of the consolidation. The next resistance is at 940.00, given by the pivot points of April 4 and March 15.
Chilean Peso daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
