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Price Signal Summary: USDCLP Breaches Trendline Support

LATAM FX
  • The USDMXN short-term outlook remains bearish. This follows the downleg since Nov 26, and further weakness is likely near-term. Attention is on support at 20.2517, Nov 9 low and 20.1196, Oct 26 low. The latter is a key support. On the upside, resistance is seen at 20.7348, the 50-day EMA. The average was briefly probed yesterday. A clear break is required to suggest scope for a stronger recovery. Key resistance is far off though at 21.3637, the Dec 15 high.
  • USDBRL is unchanged and trading near its recent highs. The recent bounce from below the 50- and 20-day EMAs is a bullish development. Attention is on resistance at 5.7563, the Dec 21 high and bull trigger. A break would confirm a resumption of the uptrend and open 5.8064, the Mar 29 high. On the downside, a clear break of support at 5.5427, the bull channel base drawn from the Jun 25 low, is required to threaten the trend.
  • USDCLP remains in an uptrend however for now a corrective cycle is still playing out and price continues to trend lower. This week’s move down has resulted in a breach of trendline support at 841.40. The trendline is drawn from last year's May 10 low. Furthermore, the 50-day EMA has been tested. It intersects at 835.33. A clear break of this EMA would suggest scope for a deeper pullback and open 818.65, the Dec 1 low. For bulls, a resumption of gains would open the bull trigger at 876.15, the Dec 20 high.
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