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LATAM FX Price Signal Summary - USDMXN Pullback Extends

MNI (LONDON)
  • USDMXN has continued to pullback from its recent highs and this has resulted in a move through the 20-day EMA. The move down is considered corrective and the next key support to watch lies at 19.0514, the 50-day EMA. A clear break of this average, would undermine a bullish theme. A resumption of gains would refocus attention on key resistance and the  bull trigger at 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.
  • Bullish conditions in USDBRL remain intact. The recent recovery from 5.3768, the Aug 19 low, marks a positive development and the pair is trading closer to its recent highs. A resumption of gains would refocus attention on 5.7422, the 76.4% retracement of the Aug 5 - 19 downleg. Clearance of this level would expose 5.8551, the Aug 5 high and the bull trigger. Firm support to watch is 5.5401, the 50-day EMA. Key support lies at the Aug 9 low of 5.3768.
  • USDCLP has pulled back from its recent highs and this has resulted in a break below both the 20- and 50-day EMAs. This undermines the recent bullish theme and a continuation lower would expose support at 904.48, the Aug 26 low. For bulls, a reversal and a break of resistance at 951.80, the Sep 10 high, would reinstate a bullish theme.
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