Perspectives of the dollar - March of 2016
By Arturo Frei Riutort, economist of Renta4
What has happened to the dollar in this second half of February of 2016?
The peso has been slightly appreciated (falling 3 pesos in this fortnight, from 700 to 697), following the rebound of commodities, both oil and copper, and the international stock markets which have had two weeks of clear recovery, as we could see in January, where after 2 first weeks of falls, we saw spikes at the end of the month.
How did it go with the previous recommendation?
First, we made a purchase recommendation in 701 pesos levels for February 15 and 2 days for 710 pesos. Second, we argued that if I broke the 698 downward it would fall quickly ("If it breaks down that level, wait to buy again in 691,5, since we should see a quick fall if this event occurs"). Monday 22 of February broke the 698 to the downside and that same day 10 pesos fell. Third and finally, we recommend that in the event of a possible fall we buy 691,5 levels and today we find a dollar 6 weights higher, in levels of 697 pesos.
Biweekly Perspectives (Actual Price 697)
We recommend buying dollars at the current levels with the first goal in 707 pesos. If it is able to break that level upwards, it should be outlined to look for the 2016 year maximums in 717 pesos, where the sales area should start. On the contrary, under 695 levels we recommend dollars with the first objective in 689. If he is able to break down that level he should go and look for the 681 pesos.
Source: Fruit Portal
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