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Fitch Ratings On New Constitution, USDCLP Remains Volatile

CHILE
  • Chile’s draft constitution sidesteps some of the most radical proposals, yet fails to provide clarity on how new measures will affect the business environment and government functions, according to Fitch Ratings.
  • https://www.fitchratings.com/research/sovereigns/chiles-proposed-new-constitution-does-not-remove-uncertainty-24-05-2022
  • Volatile session yesterday for the Chilean peso with USDCLP trading in a 827.20-8.3855 range. The current retracement remains in play with the pair hovering above its most recent lows. Price has breached both the 20- and 50-day EMAs, signalling scope for an extension lower.
    • This would open 821.74, 50.0% of the Mar 29 - May 12 upleg. The 61.8% level intersects at 809.98. Despite the bearish price action, the current pullback is still considered corrective.
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  • Chile’s draft constitution sidesteps some of the most radical proposals, yet fails to provide clarity on how new measures will affect the business environment and government functions, according to Fitch Ratings.
  • https://www.fitchratings.com/research/sovereigns/chiles-proposed-new-constitution-does-not-remove-uncertainty-24-05-2022
  • Volatile session yesterday for the Chilean peso with USDCLP trading in a 827.20-8.3855 range. The current retracement remains in play with the pair hovering above its most recent lows. Price has breached both the 20- and 50-day EMAs, signalling scope for an extension lower.
    • This would open 821.74, 50.0% of the Mar 29 - May 12 upleg. The 61.8% level intersects at 809.98. Despite the bearish price action, the current pullback is still considered corrective.