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Price Signal Summary - USDCLP Bull Cycle Remains In Play

LATAM FX
  • The trend outlook in USDMXN is unchanged and remains bearish, despite the recent gains. Last Friday’s move lower and Monday’s fresh trend low, reinforces this theme. The pair has recently breached support at 17.0340, the Nov 27 low. That break lower confirmed a resumption of the downtrend and paves the way for weakness towards 16.6262, the Jul 28 low. Moving average studies remain in a bear mode condition too, highlighting a downtrend. Initial firm resistance is at 17.2123, the 50-day EMA. Short-term gains are considered corrective.
  • The trend condition in USDBRL remains bearish and recent short-term gains are considered corrective. A resumption of weakness would refocus attention on support at 4.8032, the Dec 27 low. Clearance of this level would signal scope for a move towards 4.6964, the Jul 28 low. On the upside, key short-term resistance has been defined at 4.9771, the Dec 13 high.
  • USDCLP maintains a firmer tone following the latest extension of the recovery that started Dec 1. The break of resistance at 902.28, the Dec 26 high, strengthens a short-term bullish condition and opens 924.67, the Nov 13 high. Clearance of this level would signal scope for an extension towards 955.00, the Oct 16 high. On the downside, firm support lies at 870.45, the Dec 29 low. Key support and the bear trigger has been defined at 854.93, Dec 1 low. Initial support lies at 886.64, the 50-day EAM.
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