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CHILE: USDCLP Bear Cycle Remains In Play

CHILE
EM BulletBulletGlobalEmerging Market NewsRegion
  • The Chilean peso has underperformed again today, following disappointing fiscal and economic activity headlines this week, with the currency falling a further 0.74% against the dollar. USDCLP has risen towards 912, unwinding losses over the last week, despite the further gain in copper prices over the period.
    • From a technical perspective, however, a bear cycle in USDCLP remains in play. The move lower that started Sep 10, resulted in the break of two important support points; 904.48, the Aug 26 low, and 902.00, the Jul 11 low.
    • This signals scope for an extension towards the next key support at 881.73, the May 20 low.
    • Initial firm resistance is seen at 924.87, the 50-day EMA.
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  • The Chilean peso has underperformed again today, following disappointing fiscal and economic activity headlines this week, with the currency falling a further 0.74% against the dollar. USDCLP has risen towards 912, unwinding losses over the last week, despite the further gain in copper prices over the period.
    • From a technical perspective, however, a bear cycle in USDCLP remains in play. The move lower that started Sep 10, resulted in the break of two important support points; 904.48, the Aug 26 low, and 902.00, the Jul 11 low.
    • This signals scope for an extension towards the next key support at 881.73, the May 20 low.
    • Initial firm resistance is seen at 924.87, the 50-day EMA.