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Price Signal Summary - Bearish Extension In USDMXN

LATAM FX
  • The USDMXN outlook remains bearish and is trading lower again today as it extends this week’s move lower. The pair has cleared support at 19.7533, the Sep 12 low. The break confirms the end of a period of consolidation that started mid-August. It also confirms a resumption of the downtrend that started Jul 14. This opens 19.6185, the Jun 10 low and 19.4136 further out, the May 30 low. Key short-term resistance has been defined at 20.1759, the Oct 19 high. Initial resistance is at 19.9401, the 20-day EMA.
  • USDCLP traded lower last week and remains below its recent high of 992.13 (Oct 21). The 50-day EMA, at 939.67, has been pierced. A clear break of the EMA would signal potential for a deeper pullback and expose 921.25, the Oct 12 low ahead of the 900.00 handle. Key resistance is at 996.97, the Sep 26 high. Clearance of this level would be bullish and open 1000.00 and 1061.00 further out, the Jul 14 high.
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