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Price Signal Summary: USDCLP Holds On To Recent Gains

LATAM FX
  • USDMXN traded higher last week and yesterday, touched a fresh short-term high of 20.4856. A bullish theme remains intact - recent gains have resulted in a break of 20.1950, Apr 6 high, and price has also traded above the 50-day EMA. Note too that a double bottom reversal pattern has also been confirmed on the daily chart, reinforcing a short-term bull theme. Attention is on the 50.0% Fibonacci retracement of the Mar-Apr range, at 20.5975. Clearance of this level would open 20.8028, the 61.8% retracement. Key support has been defined at 19.7274, the Apr 4 low.
  • USDBRL is firmer following Friday’s gains and Monday’s bullish start to this week’s trading session. A move higher is considered corrective though - for now. Bearish conditions dominate. Moving average studies continue to highlight a bearish theme and the break lower on Apr 1 marked a resumption of the downtrend. 4.6000 has been probed and attention is on 4.5439 next, the 1.236 projection of the Mar - Jun - Dec 2021 price swing. Firm resistance is seen at 4.9227 the 50-day EMA. This average has been probed and a clear break would potentially alter the picture. Resistance slightly further away, is at 4.9846, the Mar 11 low.
  • USDCLP gapped higher once again, at yesterday’s open. Recent gains have resulted in a break of resistance at 823.72, Apr 11 high, and this confirms an extension of the current bull cycle that started on Mar 29. Potential is seen for a climb above the 860.00 handle, towards 876.15, the Dec 20 high. Firm support has been defined at 799.53, the Apr 13 low. Initial support lies at 823.72.
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