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Price Signal Summary: USDMXN Extends This Week's Gains

LATAM FX
  • USDMXN is trading higher today as it extends this week’s gains. The rally has resulted in a break of 20.1950, Apr 6 high, and price has also traded above the 50-day EMA - a bullish development. Attention is on the 38.2% Fibonacci retracement of the Mar-Apr range, at 20.3992. Clearance of this level would open 20.5975, the 50.0% retracement. Key support has been defined at 19.7274, the Apr 4 low.
  • USDBRL remains in consolidation mode. The primary trend direction is unchanged and points south. The break lower on Apr 1 marked a resumption of the downtrend. 4.6000 has been probed and attention is on 4.5439 next, 1.236 projection of the Mar - Jun - Dec 2021 price swing. A key short-term resistance has been defined at 4.7933, Apr 8 high.
  • USDCLP has gapped higher at today’s open. This has resulted in a break of resistance at 823.72 and confirms an extension of the current bull cycle that started on Mar 29. This has exposed 832.75, the Feb 7 high and the next key resistance point. Clearance of this level would open 840.00. Firm support has been defined at 799.53, the Apr 13 low.
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