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Price Signal Summary: USDBRL Remains Above Monday’s Low

LATAM FX
  • USDMXN traded in a volatile manner earlier in the week. A key short-term resistance has been defined at 20.8335, Wednesday’s high. The reversal from this level suggests scope for a deeper short-term pullback and attention is on support at 20.2080, the Jul 29 low. A break would signal scope for a deeper pullback towards the 20.00 handle. On the upside, clearance of 20.8335, would instead expose 21.0535, the Jul 14 high.
  • USDBRL found support this week at 5.1298, the Aug 1 low. This means that for now, the pair has also found support just below the 50-day EMA. Trend conditions remain bullish and recent weakness is considered corrective. A strong reversal to the upside would open 5.5142, the Jul 21 high and a bull trigger. Sub 5.1298 levels would instead highlight a bearish threat and expose 5.1026, the 50.0% retracement of the May 30 - Jul 21 upleg, and potentially 5.0055, the 61.8% retracement.
  • USDCLP continues to trade closer to its recent lows. A resumption of weakness and a break of 884.75, Aug 1 low, would confirm a continuation of the current bear leg and open 853.40, the Jun 15 low. Initial firm resistance has been defined at 970.08, the Jul 22 high. A breach is required to reinstate a bullish theme.
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