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LatAm FX Price Signal Summary: USDCLP Remains Below Its Key Resistance

LATAM FX
  • USDMXN maintains a bullish tone following last week’s extension of the uptrend and break of resistance at 20.9790, Nov 3 high and 21.6357, the Mar 8 high. A resumption of strength would open the 22.50 handle. A strong short-term support is seen at 20.9790. Note that given the vertical nature of the most recent recovery, it would not be a surprise to see an increase in volatility near-term and even a sharp corrective pullback.
  • USDBRL is consolidating. The short-term outlook is unchanged and remains bullish. Firm support lies at 5.3885, Nov 11 low and the bull channel base intersects at 5.4070. The channel is drawn from the Jun 25 low. Clearance of these two support levels is required to suggest potential for a stronger sell-off. This would expose 5.20. On the upside, recent gains suggest potential for a climb towards the channel top at 5.7988.
  • USDCLP is trading near recent highs. Although recent gains are encouraging for bulls, price remains below its key resistance. Recent activity has defined key directional triggers at 841.25, Nov 18 high and 788.22, Nov 10 low. Clearance of support would set the scene for weakness towards 762.13, Sep 1 low while a breach of resistance at 841.25 would instead open 850.00 and further out, 878.86, the Mar 19 2020 high. From a trend perspective, the outlook remains bullish as long as support holds.
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