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LATAM FX: Price Signal Summary - Recent USDMXN Weakness Considered Corrective

LATAM FX
  • A bullish theme in USDMXN remains intact following recent gains, and the latest pullback is considered corrective. Price has traded through the 20.00 handle, a clear break of this level would pave the way for an extension towards 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. Support to watch lies at 18.7489, the 20-day EMA. The 50-day EMA, lies at 18.2996. A clear break of the 50-day average would undermine the bullish theme.                                          
  • Bullish conditions in USDBRL remain intact and the latest pullback is considered corrective. However, support lies at 5.4919, the 50-day EMA, has been breached. A clear break would undermine a bull theme and signal potential for a deeper retracement towards 5.3709, the Jul 11 low. A reversal higher would signal the end of the correction and refocus attention on key resistance and the bull trigger at 5.8551, the Aug 5 high.                                                                
  • USDCLP has pulled back from its Aug 5 high of 966.61 . The move - for now - appears to be a correction. However, price has pierced a key support at 929.78, the Aug 1 low. A clear break of this level would signal scope for a deeper retracement towards 902.00, the Jul 11 low. For bulls, a reversal higher would refocus attention on key resistance and the bull trigger at 966.61, the Aug 5 high.
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