Brazil GDP dropped 0.5% in Q3 affected by manufacturing and agriculture output. It is the poorest performance in two years. Brazil's Central bank cut its inflation view for 2014 to 5.6% from 5.7%. The bank revised down its estimates for the economic growth to 2.3%.
The USD/BRL pair is trading at the level of 2.3565.
Support- 2.3268, 2.3, 2.2540
Resistance- 2.3884, 2.3953, 2.45
Recommendation- Buy with a target price of 2.50
