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LATAM FX: USDBRL And USDCLP Rise 0.7% Following Strong US Payrolls

LATAM FX
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  • BRL (-0.7%) and CLP (-0.7%) have come under some pressure following the much stronger-than-expected US payrolls data and associated bounce in the dollar. By contrast, the Mexican peso (+0.1%) continues to trade firmer against the dollar, although it has given up most of its gains.
    • For USDMXN, next key support to watch at 19.2313, the 50-day EMA. A clear break of this average would undermine a bullish theme and expose 18.5999, the Aug 16 low.
    • USDBRL has risen back above the 5.50 level, narrowing the gap to initial resistance at 5.5971, the Sep 23 high. A stronger recovery would refocus attention on resistance at 5.6917, the Aug 30 high and a bull trigger.
    • USDCLP has pierced initial firm resistance at 924.42, the 50-day EMA, opening 930 and moves to September highs around 950.
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  • BRL (-0.7%) and CLP (-0.7%) have come under some pressure following the much stronger-than-expected US payrolls data and associated bounce in the dollar. By contrast, the Mexican peso (+0.1%) continues to trade firmer against the dollar, although it has given up most of its gains.
    • For USDMXN, next key support to watch at 19.2313, the 50-day EMA. A clear break of this average would undermine a bullish theme and expose 18.5999, the Aug 16 low.
    • USDBRL has risen back above the 5.50 level, narrowing the gap to initial resistance at 5.5971, the Sep 23 high. A stronger recovery would refocus attention on resistance at 5.6917, the Aug 30 high and a bull trigger.
    • USDCLP has pierced initial firm resistance at 924.42, the 50-day EMA, opening 930 and moves to September highs around 950.