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Price Signal Summary: USDCLP Cracks Support

LATAM FX
  • USDMXN is unchanged and continues to consolidate. The pair is trading just below key short-term support and a bear trigger at 20.2787, Jan 18 low. A clear break of this level would confirm a resumption of the downtrend and open 20.1196, Oct 26 low ahead of the 20.00 handle. Key short-term resistance is unchanged at 20.9141. A break would highlight a potential reversal.
  • USDBRL continues to weaken and corrections remain shallow. A bearish theme follows the recent clear break of support at 5.3885, Nov 11 low that highlighted a range breakout and confirmed a resumption of the bear cycle that started Dec 21. Sights are on the 5.00 handle and 4.8934, the Jun 25, 2021 low. On the upside, resistance is seen at 5.2434, the 20-day EMA.
  • The USDCLP is lower today and has confirmed a clear break of support at 793.46, the Jan 27 low. The breach confirms a resumption of the downtrend and opens 783.23, the 50.0% retracement of the May - Dec 2021 upleg ahead of the 780.00 handle. 832.75, the Feb 7 high, marks the key short-term resistance. Initial resistance is at 807.70, the 20-day EMA.
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