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LATAM FX: Price Signal Summary - USDMXN Bulls Still In Charge

LATAM FX
  • USDMXN continues to trade closer to its recent highs and a bullish theme remains intact. Price has again pierced the 20.00 handle and the focus is 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 18.9550. Initial support is at the 20-day EMA, at 19.5152.                                           
  • Bullish conditions in USDBRL remain intact. The recovery from 5.3768, the Aug 19 low, is a positive development. A resumption of gains would refocus attention on 5.7422, the 76.4% retracement of the Aug 5 - 19 downleg. A break of this level would expose 5.8551, the Aug 5 high and the bull trigger. Firm support to watch is 5.5262, 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 of this level strengthens a bullish theme. This opens 953.93 next, the Aug 6 high. Key support lies at 904.48, the Aug 26 low. First support is at 929.46, the 20-day EMA.
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