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Price Signal Summary - Key Resistance In USDCLP Remains Exposed

LATAM FX
  • USDMXN has resumed its downtrend this week and cleared support at 16.6468, the Mar 14 low and bear trigger. The break lower maintains the price sequence of lower lows and lower highs and note too that moving average studies are in a bear mode position, highlighting a clear downtrend. The break lower opens 16.4218, the 1.236 projection of the Dec 5 - Jan 8 - Jan 17 price swing. On the upside, key resistance has been defined at 16.9473, the Mar 19 low.
  • Bullish conditions in USDBRL remain intact. Attention has been on key resistance at 5.0017, the Jan 23 high. Last week’s initial gains resulted in a break of this hurdle. A resumption of the climb would reinforce the importance of the breach for bulls and signal scope for a test of 5.0609, 61.8% of the Oct 6 - Dec 27 bear leg. Clearance of this retracement would open 5.0983, the Oct 20 ‘23 high. The 50-day EMA - at 4.9629 - has been pierced. A clear break of this level would threaten bullish conditions and expose 4.9187, the Feb 22 low.
  • USDCLP medium-term trend conditions remain bullish and the strong recovery from the Mar 15 low is a positive development. Moving average studies continue to highlight a bullish set-up and note that the latest recovery means support around the 50-day EMA - at 954.53 - has remained intact. Attention is on the resistance and bull trigger at 990.67, the Feb 26 high. A break of this hurdle would confirm a resumption of the uptrend and open 1000.00. On the downside, key support has been defined at 935.63, the Mar 15 low.
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