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Price Signal Summary - USDBRL Holds On To This Week’s Gains

LATAM FX
  • USDMXN rebounded sharply higher on Tuesday but has since given back some of those gains. Nevertheless, Tuesday gains highlight the fact that this week's attempted break of support at 19.8126, the Aug 15 low, has failed. A continuation higher would further undermine a recent bearish threat and expose resistance at 20.2944, the Sep 1 high. On the downside, a break of Monday’s low of 19.7533, the Sep 12 low, would reinstate a bearish theme.
  • USDBRL is holding on to this week’s gains but remains below the recent high of 5.2573 on Sep 1. A break of this resistance is required to strengthen a bullish case and would open 5.3157, the Aug 3 high. The bear trigger is at 5.0108, the Aug 29 / 30 low.
  • USDCLP is trading above last week’s low and continues to strengthen. A bearish threat remains present however despite recent gains. The pair recently cleared 869.63, Aug 12 low. Scope is seen for weakness towards 807.85, the Jun 3 low. On the upside, key resistance has been defined at 955.10, Aug 22 high. A break would be a bullish development.
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