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Price Signal Summary: USD Downtrend Versus MXN, BRL and CLP Remains Intact

LATAM FX
  • The USDMXN downtrend remains intact and the pair weakened further Friday. The USD has arrived at and is challenging the 20.00 handle. A break of this support would strengthen bearish conditions and open 19.8486, the Sep 13, 2021 low. Resistance to watch is at 20.4933, the 20-day EMA.
  • USDBRL remains bearish and continues to trade at the lower end of its recent price range. Last week’s key technical development was the break of key support at 4.8187, Jun 2020 low and the base of the broad range that has dominated since the price peak in May 2020. The break of this support reinforces the current bearish theme and from a medium-term perspective, also suggests a significant reversal. The next objective is 4.6451, the Mar 13 2020 low. The 20-day EMA at 5.0005 marks resistance.
  • USDCLP traded lower Friday and importantly, breached support at 783.51, the Feb 23 low and the bear trigger. The break lower confirms a resumption of the primary downtrend and an extension of the bearish price sequence of lower lows and lower highs. Moving average studies continue to point south as well, highlighting the current trend direction. Initial resistance is seen at 806.57, the 50-day EMA. The focus is on 761.31, 61.8% of the rally between May - Dec 2021.
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