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FX TECHS: LatAm Price Signal Summary: USDCLP Gaps Higher

EMERGING MARKETS
  • USDMXN remains above last week's low of 19.601.
    • The pair Monday tested levels above the 50-day EMA at 20.2005 but failed to hold onto gains.
    • A clear breach of this average would expose resistance at 20.664, the Dec 21 high and an important reversal trigger.
    • Key support remains 19.6010, Jan 6 low and is the bear trigger. The primary trend remains bearish.
  • USDBRL reversed course yesterday trading sharply lower and leaving key resistance at 5.5257, the Nov 13 high intact. Support to watch lies at 5.2777, the 20-day EMA. A break would signal scope for a deeper pullback.
  • USDCLP has gapped higher today, extending the recent recovery and displaying an impulsive bullish tone.
    • The pair has cleared the 50-day EMA with the focus on 757.18 next, 76.4% of the downleg between Nov 24 - Jan 6.
    • Initial support lies at today's low of 735.39.
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