FX technical snapshot on the EM space – BBH

Analysts at BBH have given their technical views on the FX EM space.

Key Quotes

“USD/BRL has retraced over a third of the post-Brexit drop.  The retracement objectives from that move come in near 3.2840 (38%), 3.3150 (50%), and 3.3460 (62%).  The 200-day MA comes in near 3.7165”. 

"USD/MXN has retraced nearly a third of the post-Brexit drop.  The retracement objectives from that move come in near 18.65 (38%), 18.8150 (50%), and 18.98 (62%).  The 200-day MA comes in near 17.73”.

“USD/TRY has fully retraced the post-Brexit drop.  USD/TRY made a new high for this move Friday around 3.05, which it tested today.  This fell just shy of the all-time high near 3.0750 from last September.  We expect the dollar to test the 2016 high near 3.06, followed by new all-time highs.  The 200-day MA comes in near 2.92”.  

“USD/RUB has retraced less than a quarter of the post-Brexit drop.  The retracement objectives from that move come in near 64.40 (38%), 64.95 (50%), and 65.50 (62%).  The 200-day MA comes in near 68.70”.