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LATAM FX: Price Signal Summary - USDMXN Approaches Key Resistance

LATAM FX
  • A bullish theme in USDMXN remains intact and the pair is trading higher today. Price is above the 20.00 handle and the focus is on 20.2181, the Aug 5 high. A break 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 18.8330. Initial support is at the 20-day EMA, at 19.3764.                                           
  • Bullish conditions in USDBRL remain intact and the pair is trading closer to its recent highs. The recovery from 5.3768, the Aug 19 low, is a positive development. Sights are on 5.7422, the 76.4% retracement of the Aug 5 - 19 downleg. A break would expose 5.8551, the Aug 5 high and the bull trigger. Firm support to watch is 5.5185, the 50-day EMA. Key support lies at 5.3768.
  • USDCLP is trading higher this 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 of this level strengthens a bullish theme and undermines the recent bearish one. This opens 953.93 next, the Aug 6 high. Key support lies at 904.48, the Aug 26 low. First support is at 924.51, the 20-day EMA.
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