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Price Signal Summary - USDBRL Resistance Remains Intact For Now

LATAM FX
  • USDMXN reversed course last Tuesday and traded sharply higher. The recent climb is considered corrective, however, the break of resistance around the 50-day EMA - at 17.1734 - does suggest scope for a bullish continuation near-term. This has exposed resistance at 17.5653, the Dec 5 high. Clearance of this hurdle would highlight a stronger reversal. On the downside, key support and the bear trigger, lies at 16.7852, the Jan 8 low. A break would resume the downtrend.
  • The trend condition in USDBRL remains bearish and the latest recovery is considered corrective. Resistance to watch is at 4.9771, the Dec 13 high. Clearance of this level would undermine the bearish theme and signal scope for a recovery above the 5.00 handle. Key short-term support has been defined at 4.8032, the Dec 27 low. A break of this level is required to resume the downtrend.
  • USDCLP maintains a bullish tone following the recent extension of the bull cycle that started Dec 1. The latest move lower is considered corrective. The recent breach of 902.28, the Dec 26 high, strengthens a short-term bullish condition and has resulted in a break of 924.67, the Nov 13 high. The move through this hurdle signals scope for 955.00, the Oct 16 high. Firm support lies at 870.45, the Dec 29 low. Initial support lies at 893.69, the 50-day EMA.
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