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Price Signal Summary - Pullback In USDMXN Considered Corrective

LATAM FX
  • A bullish theme in {MX} USDMXN remains intact and last week’s gains, plus Monday’s initial rally, signal potential for a continuation higher near-term. Price has traded through the 20.00 handle, a clear break of this level would pave the way for an extension towards 20.7642, the 76.4% retracement of the bear leg between Nov ‘21 and Apr this year. Support to watch lies at 18.6456, the 20-day EMA. A pullback is considered corrective.
  • Bullish conditions in {BZ} USDBRL remain intact. The pair traded higher last week and this resulted in a breach of key resistance at 5.7008, the Jul 2 high. The break confirms a resumption of the uptrend and opens 5.8981, the 1.764 projection of the Dec 27 ‘23 - Apr 16 - May 3 price swing. On the downside, initial support lies at 5.6113, the 20-day EMA. The 50-day EMA lies at 5.4904. The latest pullback is considered corrective.
  • {CL} USDCLP attention is on key short-term resistance and a bull trigger at 956.73, the Jun 27 high. It has recently been breached, a clear break would confirm a resumption of the bull cycle and open 990.67, the Feb 26 high. The pair has pulled back from Monday’s high. The move - for now - appears to be a correction. Key support has been defined at 929.78, the Aug 1 low.
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