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Domestic Activity Data Eyed, USDCLP Trend Outlook Remains Bearish

CHILE
  • On Friday, activity data will be published in the form of manufacturing, industrial & copper production, commercial activity and retail sales data for November. Focus will then turn to the release of November economic activity on January 02.
  • The trend outlook in USDCLP remains bearish, and the recent recovery is considered corrective. Initial resistance is at 902.28, the Dec 26 high. A clear break would signal scope for a stronger correction near-term, towards key resistance at 924.67, the Nov 13 high. For bears, key short-term support at 873.00, the Nov 3 low, was recently cleared. The break of this level strengthens a bearish threat and signals scope for a stronger retracement towards 837.45, the Aug 25 low.
  • In local news, SQM, the world’s second-largest lithium producer, reached a framework agreement to hand over a majority stake in its prized Chilean brine assets to state-owned Codelco in exchange for extending operations for three more decades.
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