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Price Signal Summary: USDBRL Gaps Higher, Resumes Its Short-Term Uptrend

LATAM FX
  • USDMXN continues to trade below 20.6378, Apr 28 high. Recent attention has been on the potential for a stronger recovery. However, the failure to reverse higher and challenge 20.6378, is a concern for bulls. A deeper pullback would expose key support at 19.7274, Apr 4 low. Clearance of 20.6378 would reinstate a bullish theme.
  • USDBRL has gapped higher at today’s open and in the process, has confirmed a break of resistance at 5.0920. The recent recovery from 4.8597, the Apr 29 low, was a bullish development and the break to fresh short-term highs, confirms a resumption of the uptrend that started Apr 5. The focus is on 5.2190, the Mar 2 high. On the downside, firm short-term support has been defined at 4.8597, the Apr 29 low
  • USDCLP maintains a firmer tone and is holding on to the bulk of its recent gains. The recent rally resulted in a break of resistance at 823.72, Apr 11 high, and this confirmed an extension of the current bull cycle that started Mar 29. Potential is seen for a clear break of the 860.00 handle, to clear the way for 876.15, the Dec 20 high. Initial support lies at 838.28, the 20-day EMA.
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