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The USD/BRL trading pair is still on an uptrend

Despite the alarming weakness of the US dollar in the global market, the USD/BRL trading pair is still on an uptrend. That means that the Latin American currency is significantly weaker and that prices could soon hit their resistance in the second half of the month. According to one analyst, the broader appreciation of the pair could actually force a profit-taking sell-off once it reaches the resistance level. The greenback is severely struck by multiple fundamentals including political and economical risks. However, most experts believe that it will stand against the test of the coronavirus pandemic, but it will get weak. In the past, the Brazilian real has benefitted from the improvements in the foreign and domestic markets. Now, the currency is seen struggling to buoy itself as Brazil sees an uncontrollable surge in coronavirus cases, the rate might not be as high as America’s, it’s still forcing the economic slump to get even deeper.

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