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Price Signal Summary: USDBRL Channel Base Remains Exposed

LATAM FX
  • USDMXN is largely unchanged and remains above recent lows. From a short-term perspective, a corrective bearish cycle is potentially still in play and if correct suggests support at 20.2517, Nov 9 low, remains exposed. A break would open 20.1196, Oct 26 low. Key resistance is unchanged at 20.9790, Nov 3 high.
  • USDBRL remains soft and is trading closer to recent lows. Attention is on the base of a bull channel at 5.3634. The channel is drawn off the Jun 25 low and represents a key pivot support. While price remains inside the bull channel, the underlying trend condition is bullish and the current bear cycle is considered corrective. Initial resistance is at 5.6068, Nov 5 high. A bearish channel breakout would alter the picture and signal scope for a deeper sell-off towards the 5.20 handle.
  • USDCLP remains bearish. The pair has cleared an important trendline support drawn from the May 10 low and established a short-term bearish price sequence of lower lows and lower highs. The move lower has opened the 780.00 handle. Initial firm resistance is seen at 807.73, the former trendline support. A more important key resistance is at 818.63, Nov 3 high.
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