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Price Signal Summary: USDBRL Trend Needle Still Points South

LATAM FX
  • USDMXN remains vulnerable and is trading below 20.9141, the Jan 28 high. Near-term attention is on key short-term support and the bear trigger at 20.2787, Jan 18 low. Clearance of this level would confirm a resumption of the downtrend and open 20.2517, Nov 9 low and 20.1196, Oct 26 low. Key short-term resistance is unchanged at 20.9141. A break would alter the picture.
  • USDBRL is consolidating near its recent lows and remains bearish. A bearish theme follows the recent clear break of support at 5.3885, Nov 11 low that highlighted a range breakout and confirmed a resumption of the bear cycle that has been in place since Dec 21. Sights are on 5.1163, the Aug 31, 2021 low. On the upside, resistance is seen at 5.3423, the 20-day EMA.
  • The USDCLP trend direction remains bearish and the recent reversal from 832.75, Feb 7 high, reinforces this theme. The focus is on 793.46, the Jan 27 low and a bear trigger. A break of 793.46 would confirm a resumption of the downtrend and open 788.22, the Nov 10 low ahead of 783.23, the 50.0% retracement of the May - Dec 2021 upleg. 832.75 marks the key short-term resistance.
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