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Price Signal Summary - USDCLP Correction Extends

LATAM FX
  • USDMXN remains below its most recent high and has started this week’s session on a bearish note. The trend outlook remains bullish and the latest pullback is considered corrective. A resumption of gains would suggest scope for a climb towards $18.6172, the 76.4% retracement of the Mar 20 - Jul 28 downleg. A break of this level would open 19.2322, the Mar 20 high. The bull trigger is 18.4863, the Oct 6 high. On the downside, key support has been defined at 17.7548, the Oct 12 low. Clearance of this level would signal scope for a deeper pullback.
  • USDBRL traded lower Friday as the pair extended the downleg from 5.2202, the Oct 6 high. Price did also recover and - for now - remains above Friday’s low of 4.9310. Trendline support at 4.9489 has been pierced. The trendline is drawn from the Jul 28 low and represents a key support. A clear break of the line would undermine the recent bull theme and signal scope for a deeper retracement, towards 4.8408, the Sep 19 low. Initial resistance to watch is 5.1021, the Oct 13 high. A breach would be a bullish development.
  • The USDCLP uptrend remains intact, however, a corrective cycle is in play and this is resulting in a short-term pullback. The pair has traded below the 20-day EMA and this has exposed support at the 50-day EMA which intersects at 900.26. Clearance of the 50-day average would signal scope for a deeper pullback and expose 878.00. On the upside, key resistance and the bull trigger is at 955.00, the Oct 16 high.
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