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Price Signal Summary - USDCLP Bears Remains In The Driver’s Seat

LATAM FX
  • USDMXN is unchanged. Price action on Jan 18 continues to signal potential for a short-term correction. The broader trend direction is down, however, a recovery would be seen as a healthy correction and allow an oversold trend condition to unwind. The price pattern on Jan 18 is a bullish engulfing candle - a reversal signal. Attention is on the 20-day EMA, at 18.9751, where a break would open 19.2456, the 50-day EMA. On the downside, 18.5667, the Jan 18 low, marks the near-term bear trigger. A break would instead confirm a resumption of the downtrend and open 18.4767, the 1.618 projection of the Jul 14 - Sep 12 - Sep 28 price swing.
  • USDBRL traded lower last week. Price remains inside a broad range. The move lower this year has signalled potential for weakness towards 5.0108, the Aug 29/30 low and a key support. A break of this level would represent an important bearish break. A resumption of gains would refocus attention on resistance at 5.5296, the Nov 17 high. The first key resistance to watch is at 5.2557, the Jan 19 high.
  • The USDCLP outlook remains bearish and the pair is trading closer to its recent lows. Fresh cycle lows this week confirm a resumption of the downtrend and maintain the bearish price sequence of lower lows and lower highs. The continuation lower has exposed the 800.00 handle that has been pierced. A clear break of this level would open 788.95, the Apr 6 low. On the upside, initial resistance is seen at 825.54, the 20-day EMA.
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