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LATAM FX: Price Signal Summary – USDCLP Bear Cycle Extends

LATAM FX
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  • USDMXN continues to trade below the Feb 3 high. The trend structure remains bullish and the recent move above 20.9382, the Jan 17 high, marked a resumption of the uptrend. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on 21.4007 and 21.5807, the 3.00 and 3.236 projections of the Sep 18 - Oct 1 - 4 ‘24 price swing. The pair is trading lower today. Key support has been defined at 20.1343, the Jan 24 low. A clear break of this level would highlight a potential reversal. This would open 19.7618, the Nov 7 ‘24 low.     
  • A bear cycle in USDBRL remains in play and this signals scope for a continued retracement. The 50-day EMA has been breached and this has been followed by a break of 5.8675, the Dec 12 low. Sights are on 5.6340, the Nov 7 low. On the upside, a reversal would refocus attention on 6.3165, the Dec 18 high and the bull trigger. Initial resistance is at 5.9104, the 50-day EMA.   
  • USDCLP remains in a bear-mode condition and the pair has traded lower this week. The pair has recently breached the 50-day EMA. The subsequent bear extension highlights potential for a deeper retracement. Note too that price has also traded through 966.86, the Dec 6 low, and the 960.00 handle. This opens 921.59, the 76.4% retracement of the upleg between Sep 27 ‘24 - Jan 3. Initial firm resistance is seen at 979.88, the 50-day EMA.
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  • USDMXN continues to trade below the Feb 3 high. The trend structure remains bullish and the recent move above 20.9382, the Jan 17 high, marked a resumption of the uptrend. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. A resumption of gains would refocus attention on 21.4007 and 21.5807, the 3.00 and 3.236 projections of the Sep 18 - Oct 1 - 4 ‘24 price swing. The pair is trading lower today. Key support has been defined at 20.1343, the Jan 24 low. A clear break of this level would highlight a potential reversal. This would open 19.7618, the Nov 7 ‘24 low.     
  • A bear cycle in USDBRL remains in play and this signals scope for a continued retracement. The 50-day EMA has been breached and this has been followed by a break of 5.8675, the Dec 12 low. Sights are on 5.6340, the Nov 7 low. On the upside, a reversal would refocus attention on 6.3165, the Dec 18 high and the bull trigger. Initial resistance is at 5.9104, the 50-day EMA.   
  • USDCLP remains in a bear-mode condition and the pair has traded lower this week. The pair has recently breached the 50-day EMA. The subsequent bear extension highlights potential for a deeper retracement. Note too that price has also traded through 966.86, the Dec 6 low, and the 960.00 handle. This opens 921.59, the 76.4% retracement of the upleg between Sep 27 ‘24 - Jan 3. Initial firm resistance is seen at 979.88, the 50-day EMA.