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Price Signal Summary: USDBRL Approaching A Key Pivot Support

LATAM FX
  • USDMXN is holding onto recent gains and has traded higher today. 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 unchanged at 20.9790, Nov 3 high.
  • USDBRL remains soft. Attention is on the base of a bull channel at 5.3586. The channel is drawn off the Jun 25 low and represents a key pivot 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. A channel breakout would signal scope for a deeper sell-off and open the 5.20 handle.
  • 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 805.78, the 20-day EMA.
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