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Price Signal Summary: USDBRL Remains Below Recent Highs

LATAM FX
  • USDMXN has staged a recovery from recent lows of 20.1196, the Oct 26 low. The move higher means 20.0975, 76.4% of the Sep - Oct rally remains intact. Further gains would open 20.5975, the Oct 15 high where a break would also improve short-term bullish conditions. The key resistance and bull trigger is still far off at 20.9031, Oct 12 high. On the downside, a breach of 20.1196/0975, would instead reinstate a bearish threat.
  • USDBRL remains below 5.7542, the Oct 22 high following the recent corrective pullback. The trend outlook is bullish. Last week's gains confirmed a resumption of the trend and signaled scope for an extension towards 5.7558, the Apr 13 high and 5.8064, the Mar 29 high. Key trend support has been defined at 5.4342, Oct 15 low. Initial support is seen at 5.5251, the 20-day EMA
  • USDCLP maintains a softer short-term tone, trading near recent lows. The outlook is bullish with potential for a climb towards 834.36, 76.4% of the Mar 2020 - May 2021 downleg. Clearance of this level would open 841.17, May 6 2020 high. The 50-day EMA, as a support, intersects at $797.03.
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