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LATAM FX: LATAM FX Price Signal Summary – USDMXN Clears Key Support

LATAM FX
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  • The medium term trend condition in USDMXN remains bullish, however, the pair has this week breached a key support at 20.1343, the Jan 24 low. The break lower highlights a stronger bear cycle and even a potential reversal. A continuation lower would expose 19.7618, the Nov 7 ‘24 low. Further out, a sell-off would also signal scope for an extension towards 19.1120, the Oct 4 ‘24 low. Initial firm pivot resistance is at 20.4002, the 50-day EMA.        
  • A bearish trend cycle in USDBRL remains in play and recent short-term gains are - for now - considered corrective. The pullback from the Feb 28 high signals the end of the Feb 18 - 28 corrective cycle. A continuation lower would open 5.6755, the Feb 18 low and a short-term bear trigger. Clearance of this level would expose 5.6340, the Nov 7 low, and the 5.6000 handle. Key short-term resistance has been defined at 5.9179, the Feb 28 high. A break of this hurdle would be a bullish development.    
  • USDCLP remains in a bear-mode condition and the latest sell-off reinforces this theme. Sights are on 921.59, the 76.4% retracement of the upleg between Sep 27 ‘24 - Jan 3. A break of this level would expose 891.28, the Sep 27 2024 low. Firm resistance is seen at 958.99, the 50-day EMA. The 20-day EMA, an initial resistance, is at 945.02.
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  • The medium term trend condition in USDMXN remains bullish, however, the pair has this week breached a key support at 20.1343, the Jan 24 low. The break lower highlights a stronger bear cycle and even a potential reversal. A continuation lower would expose 19.7618, the Nov 7 ‘24 low. Further out, a sell-off would also signal scope for an extension towards 19.1120, the Oct 4 ‘24 low. Initial firm pivot resistance is at 20.4002, the 50-day EMA.        
  • A bearish trend cycle in USDBRL remains in play and recent short-term gains are - for now - considered corrective. The pullback from the Feb 28 high signals the end of the Feb 18 - 28 corrective cycle. A continuation lower would open 5.6755, the Feb 18 low and a short-term bear trigger. Clearance of this level would expose 5.6340, the Nov 7 low, and the 5.6000 handle. Key short-term resistance has been defined at 5.9179, the Feb 28 high. A break of this hurdle would be a bullish development.    
  • USDCLP remains in a bear-mode condition and the latest sell-off reinforces this theme. Sights are on 921.59, the 76.4% retracement of the upleg between Sep 27 ‘24 - Jan 3. A break of this level would expose 891.28, the Sep 27 2024 low. Firm resistance is seen at 958.99, the 50-day EMA. The 20-day EMA, an initial resistance, is at 945.02.