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Price Signal Summary: USDBRL Gaps Higher At Today's Open

LATAM FX
  • USDMXN continues to trade closer to recent lows. Selling pressure this week has resulted in a breach of 20.2514, 61.8% of the Sep - Oct rally. Furthermore, price has also traded below the 50-day EMA and attention turns to 20.0975, the 76.4% retracement. Firm short-term resistance is seen at 20.5975, Oct 15 high. A break of this level is required to ease current bearish pressure.
  • USDBRL has gapped higher at the open and is above 5.60. The break higher confirms a resumption of the uptrend and with key Fibonacci retracements cleared, signals scope for an extension towards 5.7558, the Apr 13 high. Key trend support has been defined at 5.4342, the Oct 15 low.
  • USDCLP maintains a bull tone. The move to fresh trend highs last week reinforced bullish conditions and confirmed an extension of the price sequence of higher highs and higher lows. The focus is on 834.36, 76.4% of the Mar 2020 - May 2021 downleg. A break would open 841.17, May 6, 2020 high. Firm short-term support lies at 806.63, the Oct 14 low. The 50-day EMA, as a support, is at $793.75.
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