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Price Signal Summary - Fresh Cycle Low In USDCLP

LATAM FX
  • USDMXN price action on Jan 18 continues to signal potential for a short-term correction. The broader trend direction is down, however, a recovery would be seen as a healthy correction and allow an oversold trend condition to unwind. The price pattern on Jan 18 is a bullish engulfing candle - a reversal signal. Attention is on the 20-day EMA, at 18.9446, where a break would open 19.2118, the 50-day EMA. On the downside, 18.5667, the Jan 18 low, marks the near-term bear trigger. A break would instead confirm a resumption of the downtrend and open 18.4767, the 1.618 projection of the Jul 14 - Sep 12 - Sep 28 price swing.
  • USDBRL remains in a short-term bear cycle, inside a broad range. The move lower this year has signalled potential for weakness towards 5.0108, the Aug 29/30 low and a key support. A break of this level would represent an important bearish break. A resumption of gains would refocus attention on resistance at 5.5296, the Nov 17 high. The first key resistance to watch is at 5.2557, the Jan 19 high.
  • The USDCLP outlook remains bearish and the pair is trading lower today, delivering a fresh trend low. The break confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The 800.00 handle has been breached. A clear break of this level opens 788.95, the Apr 6 low and 771.89 further out, the Mar 29 2022 low. On the upside, initial resistance is seen at 821.33, the 20-day EMA.
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