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LATAM FX: Price Signal Summary - USDCLP Approaches A Key Support            

LATAM FX
  • A bullish theme in USDMXN remains intact following the rally between Jul 12 and Aug 5. Last week’s gains also represent a positive development. Initial short-term objectives are 19.5999 and 19.8362, the 61.8% and 76.4% retracement points of the sell-off between Aug 5 - Aug 16. Further out, a clear break of the 20.00 handle 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 the 50-day EMA, at 18.4858. A clear break of the 50-day average would undermine the bullish theme. Initial support is at the 20-day EMA, at 18.8943.                                          
  • Bullish conditions in USDBRL remain intact and the bear cycle over much of August is considered corrective. Support around the 50-day EMA, has been breached, however, the pair has recovered from its most recent lows. A continuation higher would open 5.6721, the 61.8% retracement of the Aug 5 - 19 correction. Clearance of this level would expose key resistance and the bull trigger at 5.8551, the Aug 5 high. Key support has been defined at 5.3768, the Aug 19 low. 
  • USDCLP has pulled back from its Aug 5 high of 966.61. The move - for now - appears to be a correction. However, price has traded through a key support at 929.78, the Aug 1 low. The breach highlights potential for a deeper retracement towards 902.00, the Jul 11 low. A break of this level would highlight a stronger reversal and expose 881.73, the May 20 low. For bulls, a reversal higher would refocus attention on key resistance and the bull trigger at 966.61, the Aug 5 high. Initial firm resistance is 940.53, the Aug 16 high. 
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