Free Trial

Price Signal Summary: USDCLP Bounce Extends

LATAM FX
  • USDMXN is unchanged and continues to trade within a range. Activity since Jun 25 still appears corrective in nature and this is in line with a bearish risk that remains present. The focus is on 19.7059, Jun 25 low and 19.5987, the Jun 9 low. A breach of both these levels would confirm a resumption of the downtrend. The next firm resistance is at 20.3504, 61.8% of the recent Jun 18 - 25 downleg.
  • USDBRL is still trading closer to recent highs but remains below the key short-term resistance at 5.3130, Jul 8 high. A break of this level would confirm a resumption of the uptrend that started Jun 25 and open 5.3740, May 24 high. Key short-term support is unchanged at 5.0416, Jul 29 low.
  • USDCLP remains in an uptrend and the recent pullback is considered corrective. This is reinforced by the most recent strong bounce Moving average studies remain in a bull mode too and a bullish price sequence of higher highs and higher lows dominates. Key support lies at $753.10, Aug 2 low and the bull trigger is $795.73, the Aug 9 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.