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Price Signal Summary: USDCLP Continues To Climb

LATAM FX
  • USDMXN continues to trade above recent lows. The pair still appears vulnerable though following last week’s move lower and there remains potential for a deeper retracement near-term. Price has recently traded below both the 20- and 50-day EMAs and a continuation lower would open 19.6185, the Jun 10 low. Key resistance is unchanged at 20.7014, a break would confirm a resumption of bullish activity.
  • USDBRL is unchanged and consolidating closer to its recent highs. The pair maintains a firmer tone following last week’s gains and price has breached key resistance at 5.2090, the May 12 high. The break strengthens bullish conditions and opens 5.3083 initially, 61.8% of the Dec 21 ‘21 - Apr 5 bear leg. On the downside, initial support is seen at 5.0960, the 20-day EMA.
  • USDCLP maintains a bullish tone following last week’s move higher and the pair has resumed the uptrend this week. Recent gains resulted in a break of key resistance at 871.60, the May 12 high, and the major hurdle for bulls at 878.86, the Mar 19 2020 high. This together with the subsequent follow through, signals scope for a continuation higher. The focus is on 945.65, the 1.382 projection of the Mar 29 - May 12 - Jun 3 price swing. Initial firm support is at 879.43, the 20-day EMA.
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