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- USDMXN maintains a bullish tone following last week’s extension of the uptrend and break of resistance at 20.9790, Nov 3 high and 21.6357, the Mar 8 high. However near term, a corrective pullback dominates as the pair pulls back from recent highs. This is allowing a recent overbought condition to unwind and attention is on support at 20.9790, the Nov 3 high. A resumption of strength would target recent highs and a break would open 22.50.
- USDBRL is unchanged and continues to consolidate near recent highs. The short-term outlook remains bullish. Firm support lies at 5.3885, Nov 11 low and the bull channel base intersects at 5.4167. The channel is drawn from the Jun 25 low. Clearance of this support zone would suggest potential for a stronger sell-off and expose 5.20. On the upside, a resumption of strength would open the channel top at 5.8084.
- USDCLP has traded above 841.25 this week, Nov 18 high. This confirms a resumption of the uptrend that started early May and opens the 850.00 handle. With all major retracements cleared, there’s also scope for a climb to 878.86 further out, the Mar 19 2020 high to complete a 100.00% retracement of the Mar 2020 - May 2021 downleg. Key support has been defined at 798,65, the Nov 22 low. The current pullback is considered corrective.