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Price Signal Summary - USDCLP Continues To Climb

LATAM FX
  • USDMXN is in consolidation mode. Key short-term resistance has been defined at 17.4280, the Aug 4 high. A clear break of this hurdle would highlight a potential short-term reversal and open 17.7714, the May 31 high. For now, the primary trend remains bearish, the bear trigger is at 16.6262, the Jul 28 low. Initial support to watch lies at 16.9118, the Aug 10 low.
  • The current USDBRL bull cycle remains in play and the pair is trading at its recent highs. A key resistance at 4.9499, the Jul 6 high has been breached this week. This is seen as an important short-term breakout and opens 5.0039, the Jun 2 high. Further out, an extension higher would expose 5.1277, the May 31 high. Initial support to watch is 4.8885, the 20-day EMA.
  • USDCLP maintains a short-term bullish tone and the pair has traded to a fresh cycle high today. The gap higher, on Jul 31, resulted in a break of 837.15, the Mar 17 high and a key resistance. The subsequent extension reinforces a bullish theme and the focus is on 886.62, the 50.0% retracement of the Sep 26 ‘22 - Feb 3 bear leg. First support to watch is 847.66, the 20-day EMA. The 50-day EMA lies at 829.67.
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