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LATAM FX: Price Signal Summary - USDCLP Bull Cycle Remains In Play

LATAM FX
EM BulletBulletGlobalEmerging Market NewsRegion
  • USDMXN is trading lower today, however, despite the pullback, price remains closer to its recent highs and a bullish theme remains intact. Price has pierced the 20.00 handle and sights are on 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. The support to watch lies at the 50-day EMA, at 18.9998. Initial support is at the 20-day EMA, at 19.5708.                                           
  • Bullish conditions in USDBRL remain intact. The recent recovery from 5.3768, the Aug 19 low, marks a positive development. A resumption of gains would refocus attention on 5.7422, the 76.4% retracement of the Aug 5 - 19 downleg. Clearance of this level would expose 5.8551, the Aug 5 high and the bull trigger. Firm support to watch is 5.5314, the 50-day EMA. Key support lies at the Aug 9 low of 5.3768.
  • USDCLP traded higher last week, marking a strong extension of the recovery that started Aug 26. The pair is through both the 20- and 50-day EMAs. Resistance at 940.53, the Aug 16 high, has also been cleared. The break higher strengthens a bullish theme and this opens 953.93 next, the Aug 6 high, ahead of 966.61, the Aug 5 high. Key support lies at 904.48, the Aug 26 low. First support is at 931.32, the 20-day EMA.
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  • USDMXN is trading lower today, however, despite the pullback, price remains closer to its recent highs and a bullish theme remains intact. Price has pierced the 20.00 handle and sights are on 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. The support to watch lies at the 50-day EMA, at 18.9998. Initial support is at the 20-day EMA, at 19.5708.                                           
  • Bullish conditions in USDBRL remain intact. The recent recovery from 5.3768, the Aug 19 low, marks a positive development. A resumption of gains would refocus attention on 5.7422, the 76.4% retracement of the Aug 5 - 19 downleg. Clearance of this level would expose 5.8551, the Aug 5 high and the bull trigger. Firm support to watch is 5.5314, the 50-day EMA. Key support lies at the Aug 9 low of 5.3768.
  • USDCLP traded higher last week, marking a strong extension of the recovery that started Aug 26. The pair is through both the 20- and 50-day EMAs. Resistance at 940.53, the Aug 16 high, has also been cleared. The break higher strengthens a bullish theme and this opens 953.93 next, the Aug 6 high, ahead of 966.61, the Aug 5 high. Key support lies at 904.48, the Aug 26 low. First support is at 931.32, the 20-day EMA.