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Price Signal Summary: Support In USDMXN Appears Exposed

LATAM FX
  • USDMXN is unchanged and maintains this week’s bearish theme. Attention is on the 19.8126 low on Aug 15. A clear break of this support would confirm a resumption of bearish activity and pave the way for weakness towards 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.
  • USDBRL short-term conditions still appear vulnerable. The pair recently cleared support at 5.1298, the Aug 1 low. The break highlights potential for a deeper retracement and has opened 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 5.3157, Aug 3 high. A break would reinstate a bullish focus and attention would turn to 5.5142, the Jul 21 high and a bull trigger.
  • USDCLP continues to pullback from 955.10, the Aug 22 high. The recent break of resistance at 921.33, Aug 5 high, signals scope for an extension higher. Attention is on 970.08, the Jul 22 high and the next key short-term resistance. Key support has been defined at 869.63, the Aug 12 low. A break of this level would be bearish.
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