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Price Signal Summary: USDBRL Outlook Remains Bullish

LATAM FX
  • USDMXN is holding onto the bulk of this week's gains. The pair has traded above 20.1618, Jul 8 high. Gains are still considered corrective and the next resistance is at 20.3504, 61.8% of the recent Jun 18 - 25 downleg. A break would suggest scope for stronger gains. On the downside, the first bear trigger is unchanged at 19.7059.
  • The USDBRL focus is on resistance at 5.3130, Jul 8 high where a break would trigger stronger gains and open 5.3740, high May 24. On the downside, initial support is at 5.0550, Jul 15 low. A break would be bearish and expose 5.00 plus the Jun 25 low of 4.8934. The latter is a key support.
  • The USDCLP outlook remains bullish and the recent pullback is considered corrective. Monday's gains resulted in a break of 759.45, Jul 8 high to extend the bullish price sequence of higher highs and higher lows and maintain the uptrend. This opens 777.00, the Nov 24, 2020 high. Support has been defined at 741.56, Jul 12 low.
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