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Price Signal Summary - Double Bottom Reversal In USDMXN

LATAM FX
  • USDMXN bullish conditions have improved. The pair has traded higher today and this has resulted in a clear break of an important resistance at 17.4280, the Aug 4 high. Considering price patterns, a daily close above 17.4280 would confirm a double bottom reversal pattern on the daily chart. If correct, the move higher signals scope for a climb towards 17.9292 next - 38.2% of the Mar 20 - Jul 28 downleg. On the downside, support to watch lies at the 50-day EMA which intersects at 17.0649.
  • A bull cycle USDBRL remains in play and the pair continues to appreciate. Support to watch is 4.8416, the Aug 10 low. A break would threaten the current bullish theme and expose key support at 4.6964, the Jul 28 low. The bull trigger is 5.0016, the Aug 18 high, clearance of this level would open 5.1277, the May 31 high.
  • USDCLP traded higher yesterday and conditions remain bullish. A key resistance at 872.75, the Aug 18 high, has been pierced. A clear break of this hurdle would confirm a resumption of the uptrend and open 885.47, the Dec 26 2022 high, ahead of 893.22, the Dec 16 high from last year. Key support is at the 50-day EMA - at 841.16.
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