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Price Signal Summary: USDBRL Uptrend Extends

LATAM FX
  • USDMXN is consolidating near recent lows. Selling pressure this week resulted in a break of 20.2514, 61.8% of the Sep - Oct rally. Furthermore, price has also traded below the 50-day EMA and attention is on 20.0975, the 76.4% retracement. A break of this level would open 19.9368, The Sep 22 low. Firm short-term resistance is at 20.5975, Oct 15 high. A break is required to ease current bearish pressure.
  • USDBRL continues to climb and remains above 5.60. The break higher yesterday confirmed a resumption of the uptrend and with key Fibonacci retracements cleared, signals 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, the Oct 15 low. Initial support is seen at 5.5730, Oct 13 high and a recent breakout level.
  • USDCLP is consolidating. The outlook is bullish and the focus is on 834.36, 76.4% of the Mar 2020 - May 2021 downleg. A break would open 841.17, May 6 2020 high. Firm short-term support is unchanged at 806.63, the Oct 14 low. The 50-day EMA, as a support, is at $794.69.
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