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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
LATAM FX
- The USDMXN downtrend remains intact and the pair has tested support at 20.1577, the Feb 23 low. A clear break of this level would strengthen bearish conditions and open the 20.00 handle. Moving averages are highlighting a possible bearish crossover. If confirmed, this would reinforce a bearish theme. Resistance to watch is at 20.5892, the 20-day EMA.
- USDBRL has started the week on a softer note and has maintained this week’s bearish momentum. The pair cleared 4.9846 on Monday , the Mar 11 low and an important bear trigger. Yesterday’s weakness resulted in a break of support at 4.8934, the Jun 25, 2021 low. Initial resistance is at $5.0487, the 20-day EMA.
- Note that the monthly chart highlights the point that March (unless we see a bounce) looks like it will be a 3rd consecutive down month. Price is sitting right on the lowest point - 4.8187, Jun 2020 low - of the broad range that has dominated since the peak in May 2020. A clear break of this support (probed today) would reinforce bearish conditions and also highlight a significant reversal.
- USDCLP remains below the Feb 24 high of 824.50. Trend conditions are bearish and short-term gains are considered corrective. Firm resistance is at 832.75, the Feb 7 high. The bear trigger is 783.51, Feb 23 low. A break would open 783.23, 50.0% of the May - Dec 2021 upleg ahead of the 780.00 handle initially.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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