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- USDMXN remains in an uptrend however the current corrective pullback is still in play. This has allowed a recent overbought condition to unwind. Attention is on support at 20.9790, the Nov 3 high. Clearance of this level would signal scope for a deeper pullback and open the 50-day EMA at 20.7413. A resumption of strength would target the recent Nov 26 high of 21.1510 and a break would open 22.50.
- USDBRL traded higher Wednesday but has so far failed to add to these gains and has returned into its recent range. The short-term outlook is bullish. Firm support is unchanged at 5.3885, Nov 11 low and the bull channel base intersects at 5.4264. The channel is drawn from the Jun 25 low. Clearance of these two levels would suggest potential for a stronger sell-off and expose 5.20. On the upside, a resumption of gains would open the channel top at 5.8181.
- USDCLP traded above 841.25 earlier this week, the Nov 18 high. This confirms a resumption of the uptrend from early May and signals scope for a climb towards the 850.00 handle. With all major retracements of the March 2020 - May 20201 downleg cleared, there’s also scope for gains to 878.86 further out, the Mar 19 2020 high. Key support has been defined at 798.65, the Nov 22 low.