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Price Signal Summary: Monitoring The 5.2195 Resistance In USDBRL

LATAM FX
  • USDMXN has recovered from its recent lows. Near-term, a bearish threat remains present. Attention is on the 19.8126 low from Aug 15. A clear breach of this support would confirm a resumption of bearish activity and expose 19.4136, the May 30 low. Key short-term resistance has been defined at 20.8335, the Aug 3 high. Initial firm resistance to watch is at 20.2668, Aug 19 high. A break would signal scope for a stronger short-term recovery.
  • USDBRL remains vulnerable despite the strong bounce yesterday and the follow through today. Monday’s move lower confirmed a resumption of the current downtrend - price cleared support at 5.0358, Aug 10 low. This maintains the bearish price sequence of lower lows and lower highs and attention is on 5.0055, 61.8% of the May 30 - Jul 21 upleg. The 76.4% level is at 4.8853. On the upside, initial key resistance has been defined at 5.2195, Aug 19 high. A break would signal a possible base.
  • USDCLP remains below 955.10, the Aug 22 high. The pair has continued to weaken and is trading close to key support at 869.63, the Aug 12 low. A breach of this support would cancel a recent bullish theme and instead reinstate a bearish threat plus signal scope for a move towards the 850.00 handle and potentially 807.85 further out, the Jun 3 low. Key resistance has been defined at 955.10. Initial resistance is at 906.16, the 50-day EMA.
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