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Price Signal Summary - USDCLP Bull Cycle Remains In Play

LATAM FX
  • Today’s gains in USDMXN appear - for now - to be a correction. The trend outlook is unchanged and signals remain bearish. Last week’s fresh trend low, reinforces this theme. In December, the pair breached support at 17.0340, the Nov 27 low. That break confirmed a resumption of the downtrend and has paved 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 17.1755, the 50-day EMA.
  • The trend condition in USDBRL remains bearish. Attention is 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 bullish tone following the latest extension of the bull cycle that started Dec 1. The move above 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 a move towards 955.00, the Oct 16 high. 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 889.34, the 50-day EMA.
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