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Price Signal Summary: USD Rallies Against Latam Pairs

  • USDMXN is firmer again today today as the pair extends Friday's strong rally. The move higher threatens a recent bearish theme and this has exposed resistance at 30.6378, the Apr 28 high. It marks an important resistance and a break would suggest potential for an extension higher. Key support has been defined at 19.4136, May 30 low. Initial support is at 19.7736, the 20-day EMA.
  • USDBRL is firmer again today. The recent recovery is still considered corrective, however, the stronger rally does signal scope for a continuation higher. Key resistance to watch is 5.2090, the May 12 high. A breach of this level would strengthen bullish conditions. On the downside, weakness through support at 43.6910 would reinstate a bearish threat and expose key support at 4.5836, the Apr 5 low.
  • USDCLP traded sharply higher Friday to confirm a reversal of a bear cycle between May 12 - Jun 3. This has exposed key near-term resistance at 871.60, the May 12 high. Clearance of this resistance would expose the major hurdle for bulls at 878.86, the Mar 19 2020 high. Key short-term support has been defined at 807.85.

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