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Heading South




Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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  • USDMXN is unchanged and remains vulnerable. Recent weakness resulted in a break of 20.2514, 61.8% of the Sep - Oct rally and price has also breached the 50-day EMA. Attention is on 20.0975, the 76.4% retracement. A resumption of weakness and a break of 20.0975, would open 19.9368, Sep 22 low. Firm short-term resistance is at 20.5975, Oct 15 high. A break is required to ease current bearish pressure.
  • USDBRL last week found resistance at 5.7542, Oct 22 high and the pair has entered a corrective cycle. The trend outlook remains bullish. Last week's gains confirmed a resumption of the uptrend and signaled scope for an extension towards 5.7558, the Apr 13 high and 5.8064, the Mar 29 high. Key trend support has been defined at 5.4342, Oct 15 low. Initial support is seen at 5.5095, the 20-day EMA
  • USDCLP maintains a softer short-term tone. The outlook though is bullish and the focus is on 834.36, 76.4% of the Mar 2020 - May 2021 downleg. Clearance of this level would open 841.17, May 6 2020 high. The 50-day EMA, as a support, intersects at $796.33.

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