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Price Signal Summary - USDBRL Fails To Hold On To Its Recent Highs

LATAM FX
  • USDMXN remains soft and the pair is trading lower again today. The recent retracement is still considered corrective and the next support to watch lies at 18.2397, the Mar 13 low. A break of this level would alter the picture and undermine the recent bullish theme. This would expose 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. A breach would reinstate a bullish condition. Initial 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. Price is trading below both the 20- and 50-day EMAs and a continuation lower would open 5.1012, the Mar 8 low and the next key support. On the upside, a break of 5.3409 would reinstate the recent bullish theme and open 5.3518, the 76.4% retracement of the Jan 4 - Feb 2 bear leg, ahead of the 5.4000 handle.
  • USDCLP remains above initial support at the Mar 7 low of 789.00. Key short-term resistance is at 836.45, the Feb 27 high. This hurdle has recently been pierced, a clear break would reinstate a bullish theme and highlight scope for a stronger recovery. This would open 850.00 and 860.58, the 38.2% retracement of the Sep 26 - Feb 3 bear leg. On the downside, a break of 776.28, the Feb 3 low, would instead resume the medium-term downtrend.
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