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Price Signal Summary: USDBRL Enters A Corrective Cycle

LATAM FX
  • USDMXN remains vulnerable. Last week's move lower resulted in a break of 20.2514, 61.8% of the Sep - Oct rally. Price has also traded through the 50-day EMA and attention is on 20.0975, the 76.4% retracement. A resumption of weakness and a break of 20.0975, would open 19.9368, Sep 22 low. Firm short-term resistance is at 20.5975, Oct 15 high. A break is required to ease current bearish pressure.
  • USDBRL found resistance at 5.7542, Friday's high and yesterday resumed the short-term pullback that is likely a correction. The outlook remains bullish. Last week's gains confirmed a resumption of the uptrend and signaled scope for an extension towards 5.7558, the Apr 13 high and 5.8064, the Mar 29 high. Key trend support has been defined at 5.4342, Oct 15 low. Initial support is seen at 5.5036, the 20-day EMA
  • USDCLP has moved lower. The outlook though is bullish and the focus is on 834.36, 76.4% of the Mar 2020 - May 2021 downleg. A break of this chart point would open 841.17, May 6 2020 high. The 50-day EMA, as a support, is at $796.02.
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