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Price Signal Summary - USDCLP Approaching The Bear Trigger

LATAM FX
  • USDMXN is consolidating, but the downtrend remains intact and the pair is trading at its recent lows. The bearish extension last week confirmed a recent bear flag formation on the daily chart and this reinforces the current downtrend. The move lower also confirms a continuation of the broader bearish price sequence of lower lows and lower highs. Moving average studies are in a bear mode set-up, highlighting current sentiment. The focus is on 17.9401, the Apr 17, 2018 low. A break of this level would open 17.5746, the Aug 25 2017 low. The 20-day EMA, at 18.3872, is the first resistance.
  • Short-term conditions in USDBRL are unchanged and appear bullish despite the recent pullback from 5.3073, the Feb 10 high. A resumption of gains would open 5.3518 next, the 76.4% retracement of the Jan 4 - Feb 2 bear leg. On the downside, initial support to watch lies at 5.1106, the Feb 23 low. A break of this level would instead signal scope for a return to 4.9410, the Feb 2 low.
  • USDCLP continues to trade lower and has breached the 800.00 handle. A continuation would expose support and the bear trigger at 776.28, the Mar 2 low. A break of this level would confirm a resumption of the broader downtrend and this would open 771.89, the Mar 29 2022 low. Key resistance has been defined at 836.45, the Feb 27 high, where a break is required to reinstate the recent bullish theme.
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