USD/BRL, USD/MXN, USD/CZK levels and targets

Brian Twomey Brian's Investment

USD/BRL from current opening today at 4.9960 trades deeply overbought inside a range from 5.0507 to 4.9556. Below 4.9556 targets 4.9460 and 4.9363. The larger range trades from 5.0507 to 4.8374. USD/BRL will trade inside 5.0507 to 4.8374 for many months.

Brazil's central bank meets Wednesday and Brazil's interest rate, the Selic rate, trades 11.25 and down from 13.80 last July 2023.

Overall shorts are located at 5.0039 and targets 4.9653 on a break of 4.9749.

USD/MXN from 16.7152 trades massive oversold. Next targets are located at 16.7353, 16.8295 and final 16.9237.

Higher for USD/MXN must break 17.0179 to target 17.1121 easily then short. Above 17.0179 places USD/MXN in a wide range from 17.0179 to 18.2286. USD/MXN won't trade 18.2286 anytime soon. The top for the week is located at 17.2537.

Watch for USD/MXN trades at 12.30 pm EST in the American afternoon as Banxico aligns MXN to DXY.

USD/CZK sits in a precarious situation to start he week and to hold a central bank meeting on Wednesday. USD/CZK trades oversold just above 23.0484. Below targets 22.9428. Actual targets: 22.9479, 22.9345, 22.9273, 22.9109.

All good targets. Above, USD/CZK first vital line is located at 23.2597.

The CNB interest rate currently trades 6.05 and highs achieved 6.64 on January 22 and lows at 5.31 February 20. Current 6.05 holds in a comfortable places as no need exists to adjust rates.

Author

Brian Twomey

Brian's Investment

Brian Twomey is an independent trader and a prolific writer on trading, having authored over sixty articles in Technical Analysis of Stocks & Commodities and Investopedia.

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