- Copper has broken the 4.71 support and reached the key 4.60 level.
- The USD/CLP started an uptrend with its sights set on 940.00 in the short term.
USD/CLP opened the European session at 909.67, finding buyers that took the pair to a daily high of 916.10 during the American session. Currently, it is trading at 915.12, gaining 0.5% on the day.
Copper registers a fall reaching lows of two and a half weeks
The metal registers a drop of 2.64%, trading at 4.63 today. Copper has broken the May 22 low located at 4.71, which served as support in the short term. Aggressive sellers have taken the commodity to the next technical level at 4.59. The recent decline in the price of copper has taken the USD/CLP to May 15 highs.
Technical levels in the USD/CLP
We observe a bullish trend in the USD/CLP in the short term, where the closest support is at 882.00. The nearest resistance is at 940.00, confluence with the pivot points and the 50% Fibonacci retracement. The next resistance is located at 964.00 given by the retracement to the 23.6% Fibonacci retracement.
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.
