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LATAM FX
  • USDMXN is trading above recent lows. The outlook is unchanged though and remains bearish. This theme follows the sell-off that started Nov 26. Short-lived corrective spells during the downtrend clearly highlight bearish sentiment. Furthermore, a sequence of lower lows and lower highs remains intact. Attention is on the support at 20.2517, Nov 9 low and 20.1196, Oct 26 low. The latter is a key support. On the upside, resistance is seen at 20.7603, Jan 6 high where a break would signal a base and confirm a break of the 50-day EMA.
  • USDBRL traded lower yesterday and has cleared the 5.50 handle. The break lower confirms a resumption of the current bear leg and maintains a bearish price sequence of lower lows and lower highs. The focus is on 5.3885 next, the Nov 11 low. Key broader resistance is unchanged at 5.7563, Dec 21 high. Initial resistance is at 5.5885, the 20-day EMA.
  • USDCLP remains in a bear cycle and further weakness is likely near-term. Recent weakness has resulted in a breach of trendline support drawn from the May 10, 2021 low and a break of the 50-day EMA. This suggests scope for and extension lower towards 798.65 next, Nov 22 low. Initial firm resistance is seen at 832.01 the 20-day EMA.
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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