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LATAM FX Price Signal Summary - USDMXN Bears Remain In The Driver’s Seat

LATAM FX
  • USDMXN traded lower Wednesday and in the process cleared support at 16.9811, the Jul 5 low. The break confirms a resumption of the primary downtrend and marks a continuation of the bearish price sequence of lower lows and lower highs. The focus is on a move towards 16.7758, the 1.764 projection of the Jun 2 - Mar 9 - Mar 20 price swing. The 2.00 projection level lies at 16.4472. Resistance to watch is the 50-day EMA, which intersects at 17.3692. This is a key short-term hurdle for bulls, where a clear break would signal a reversal.
  • USDBRL remains in a downtrend and the climb between Jun 22 - Jul 6, appears to be a correction. Note that a firm resistance at 4.9029 the 50-day EMA, has recently been pierced. A clear break of this average would signal a potential reversal. This would open the 5.00 handle initially. For bears, the move lower on Jun 9 resulted in a break of 4.8859, the May 15 low and this confirmed a range breakout and a resumption of the medium-term downtrend. A resumption of the bear trend would open 4.7490, the Jun 6 2022 low and 4.6910, the May 30 2022 low. The bear trigger lies at 4.7513, the Jun 22 low.
  • USDCLP traded higher Tuesday and pierced 815.47, the May 25 high. A clear break of this level would signal scope for a climb towards 825.20, the Apr 10 high, ahead of the key short-term resistance at 837.15, the Mar 17 high. Initial key support has been defined at 794.09, the Jul 4 low.
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