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Price Signal Summary: CLP Dips Considered Corrective

LATAM FX
  • USDMXN continues to trade within a range. Activity since Jun 25 still appears corrective in nature and this is in line with a bearish risk that remains present. The focus is on 19.7059, Jun 25 low and 19.5987, the Jun 9 low. A breach of both these levels would confirm a resumption of the downtrend. The next firm resistance is at 20.3504, 61.8% of the recent Jun 18 - 25 downleg.
  • USDBRL is trading closer to recent highs but remains below the key short-term resistance at 5.3130, the Jul 8 high. A break of this level would confirm a resumption of the uptrend that started Jun 25 and open 5.3740, May 24 high. Key short-term support is at 5.0416, Jul 29 low.
  • USDCLP remains in an uptrend and the recent pullback is considered corrective. Moving average studies remain in a bull mode too and a bullish price sequence of higher highs and higher lows dominates too. Key support lies at $753.10, Aug 2 low and the bull trigger is $795.73, the Aug 9 high.
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