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Price Signal Summary - USDCLP Correction Extends
- USDMXN continues to trade above recent lows following the recovery last week from 19.7533, the Sep 12 low. The move higher highlights the fact that the pair has failed to confirm a clear break of support at 19.8126, the Aug 15 low. An extension higher would further undermine a recent bearish threat and expose resistance at 20.2944, the Sep 1 high. On the downside, a break of 19.7533 would reinstate a bearish theme.
- USDBRL has faced resistance this week and has retraced a large portion of its most recent gains. A bullish theme remains intact despite the pullback. The recent breach of 5.2573, Sep 1 high signals scope for an extension and the focus shifts to resistance at 5.3157, the Aug 3 high. A break of this level would strengthen bullish conditions. Initial firm support has been defined at 5.0790, the Sep 13 low.
- USDCLP maintains a firmer short-term tone following the recovery from 849.75, Sep 5 low. A bearish threat is still present, despite recent gains. The pair recently breached 869.63, Aug 12 low. A resumption of weakness would signal potential for a move towards 807.85, the Jun 3 low. On the upside, key resistance to watch has been defined at 955.10, the Aug 22 high. A break would highlight a bullish development.
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