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LATAM FX: Price Signal Summary - USDCLP Bear Threat Remains Present

LATAM FX
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  • USDMXN has found some support but for now, remains below its recent highs. The latest move down is considered corrective and the next key support to watch lies at 19.1097, the 50-day EMA. A clear break of this average would undermine a bullish theme and expose 18.5999, the Aug 16 low. For bulls, a resumption of gains would refocus attention on key resistance and the bull trigger at 20.2181, the Aug 5 high. Clearance of this level would confirm a resumption of the uptrend and open 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. Initial resistance is 19.5675, the Sep 13 high.                                            
  • The latest pullback in USDBRL resulted in a move through the 50-day EMA. It is still possible that the sell-off is a correction and the latest recovery reinforces this. However, the break of the average does signal scope for a deeper retracement. Attention is on the next key support at 5.3768, the Aug 19 low. Clearance of this support would strengthen a bearish threat and open 5.2405, the Jun 6 low. For bulls, a stronger recovery would refocus attention on resistance at 5.6917, the Aug 30 high and a bull trigger.  
  • USDCLP has recently pulled back from its latest highs and this has resulted in a move below both the 20- and 50-day EMAs. The sell-off undermines the recent bullish theme and a continuation lower would expose support at 904.48, the Aug 26 low, and 902.00, the Jul 11 low. For bulls, a reversal and a break of resistance at 951.80, the Sep 10 high, would reinstate a bullish theme. Initial resistance is at  934.08, the Sep 17 high.
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  • USDMXN has found some support but for now, remains below its recent highs. The latest move down is considered corrective and the next key support to watch lies at 19.1097, the 50-day EMA. A clear break of this average would undermine a bullish theme and expose 18.5999, the Aug 16 low. For bulls, a resumption of gains would refocus attention on key resistance and the bull trigger at 20.2181, the Aug 5 high. Clearance of this level would confirm a resumption of the uptrend and open 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. Initial resistance is 19.5675, the Sep 13 high.                                            
  • The latest pullback in USDBRL resulted in a move through the 50-day EMA. It is still possible that the sell-off is a correction and the latest recovery reinforces this. However, the break of the average does signal scope for a deeper retracement. Attention is on the next key support at 5.3768, the Aug 19 low. Clearance of this support would strengthen a bearish threat and open 5.2405, the Jun 6 low. For bulls, a stronger recovery would refocus attention on resistance at 5.6917, the Aug 30 high and a bull trigger.  
  • USDCLP has recently pulled back from its latest highs and this has resulted in a move below both the 20- and 50-day EMAs. The sell-off undermines the recent bullish theme and a continuation lower would expose support at 904.48, the Aug 26 low, and 902.00, the Jul 11 low. For bulls, a reversal and a break of resistance at 951.80, the Sep 10 high, would reinstate a bullish theme. Initial resistance is at  934.08, the Sep 17 high.