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Price Signal Summary - USDBRL Conditions Remain Bullish Despite The Latest Pullback

LATAM FX
  • USDMXN is unchanged and remains in consolidation mode. The pair traded sharply higher on Jan 16 and that recovery does suggest scope for a continuation higher near-term. A resumption of gains would expose resistance at 17.5653, the Dec 5 high. Clearance of this hurdle would highlight a stronger reversal. First resistance is at 17.3860, the Jan 17 high. On the downside, key support and the bear trigger, lies at 16.7852, the Jan 8 low. A break would instead resume the downtrend. Initial support to watch is the 17.00 handle.
  • Despite the pullback in USDBRL, conditions remain bullish and attention is on key resistance at 5.0017, the Jan 23 high. It has recently been pierced. A clear break of this hurdle would open 5.0609, 61.8% of the Oct 6 - Dec 27 bear leg. Initial key support to watch lies at 4.9025, the Jan 26 low. A breach would be bearish. Short-term pullbacks are considered corrective - for now.
  • USDCLP trend conditions remain bullish and last week’s climb to fresh cycle highs reinforces current conditions and confirms a resumption of the medium-term uptrend. Sights are 996.97, the Sep 2022 high and the psychological 1000.00 handle. Initial firm support lies at 962.48, the 20-day EMA. A pullback would be considered corrective.
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