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Price Signal Summary – USDBRL Holding Above Support

LATAM FX
  • USDMXN traded higher last week but failed to hold on to its gains and reversed sharply on Sep 28. A bullish outlook remains intact despite the latest pullback. A bullish theme follows the recovery in September from levels just below support at 19.8126, the Aug 15 low. Further to the downside, key support to watch lies at 19.7533, the Sep 12 low. A break would be a bearish development.
  • USDBRL traded sharply lower Monday and the pair has consolidated at lower levels. The pullback is considered corrective, however, the pair is approaching support at 5.1070, the Sep 22 low. A break of this level would cancel the recent bullish theme and instead signal scope for a deeper pullback towards 5.0108 initially, the Sep 29 / 30 low. Key short-term resistance has been defined at 5.4286, the Sep 29 high. A break would reinstate a bullish theme.
  • USDCLP maintains a firmer short-term tone and the latest pullback is considered corrective. The pair recently cleared resistance at 955.10, Aug 22 high and the break highlighted a strengthening of bullish conditions, signalling scope for a move towards 1000.00 and 1061.00 further out, the Jul 14 high. The 50-day EMA, at 924.52 is first support and represents a key short-term level. A break would undermine the bullish theme and instead suggest scope for a deeper reversal. This would open 900.00 initially.
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