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Price Signal Summary - USDCLP Bear Cycle Still In Play

LATAM FX
  • The near-term outlook in USDMXN remains bearish following last week’s extension lower and price continues to weaken. Support at 19.0401, the Nov 29 low, has recently been cleared and this confirmed a resumption of the broader bear cycle that started in Nov 2021. The focus is on 18.4767, the 1.618 projection of the Jul 14 - Sep 12 - Sep 28 price swing. On the upside, initial firm resistance is at 19.0401, the recent breakout point.
  • USDBRL remains weaker and price is trading at its recent lows. Last week the pair extended the reversal from the Jan 4 high of 5.4787. The move leaves price trading inside a broad multi-month range and has exposed 5.0108, the Aug 29/30 low and a key support. On the upside, initial key resistance has been defined at 5.4787. First resistance is at 5.2464, the 50-day EMA.
  • The USDCLP outlook remains bearish. The extension lower last week confirmed, once again, a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Price is again trading lower today. The continuation lower signals scope for an extension towards 807.85, the Jun 3 low and the 800.00 handle. On the upside, initial resistance is seen at 845.07, the 20-day EMA.
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