MNI China Daily Summary: Wednesday, April 24

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Price Signal Summary - USDBRL Clears Support And Extends Its Slide

LATAM FX
  • USDMXN remains soft and the pair is trading lower again today. Support at 18.2397, the Mar 13 low, has been cleared. The break signals scope for an extension lower towards 17.8981, the Mar 9 low and a key short-term support. Key resistance and the bull trigger has been defined at 19.2322, the Mar 20 high. Initial firm resistance is at 18.7976, the Mar 24 high.
  • USDBRL has failed to hold on to its recent high of 5.3409, on Mar 24. The pair is trading lower today and this has resulted in a break of support at 5.1012, the Mar 8 low and a key support. The break strengthens the current bearish theme and signals scope for a move towards 5.00 and 4.9410, the Feb 2 low. Initial firm resistance is seen at 5.2077, the 50-day EMA.
  • USDCLP is also trading lower and has pierced support at the Mar 7 low of 789.00. A clear break of this level would strengthen a bearish theme and expose key support at 776.28, the Feb 3 low. Clearance of this level resumes the medium-term downtrend. Initial firm resistance is seen at 815.62, the 50-day EMA.
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