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Price Signal Summary: USDBRL Approaches Its Bull Channel Base

LATAM FX
  • USDMXN traded higher yesterday. From a short-term perspective, a corrective cycle is potentially still in play following the recent move lower between Nov 3 - 9. A resumption of weakness would open Tuesday's low of 20.2517 and the next key short-term support. A break would expose 20.1196, Oct 26 low. Key resistance is at 20.9790, Nov 3 high.
  • USDBRL is trading lower. Support at 5.4342, Oct 15 low has been probed, a clear break would open the base of a bull channel at 5.3537. The channel is drawn off the Jun 25 low and represents a key support parameter. While price remains inside the bull channel, the underlying trend condition remains bullish and the current bear cycle is considered corrective. Initial resistance is at 5.6068, Nov 5 high.
  • USDCLP has this week cleared an important trendline support at 802.27, drawn from the May 10 low. The break has also established a short-term bearish price sequence of lower lows and lower highs, suggesting scope for a deeper retracement. The move lower has opened the 780.00 handle. Initial firm resistance is seen at 806.99, the 20-day EMA.
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