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Price Signal Summary – USDCLP Dips Remain Technically Corrective

LATAM FX
  • Overall, USDMXN remains in consolidation mode for now. After trading sharply higher on Jan 16, the move above the 50-day EMA suggested scope for a continuation higher near-term. A resumption of gains would expose resistance at 17.5653, the Dec 5 high. On the downside, key support and the bear trigger, lies at 16.7852, the Jan 8 low, a break of which would instead resume the downtrend. Initial support, which was recently pierced, is the 17.00 handle.
  • USDBRL has traded lower but remains within its recent range. On the upside, attention is still on key resistance at 5.0017, the Jan 23 high, which was pierced earlier this month. A clear break of this hurdle would cancel the recent bearish threat and instead confirm a resumption of the bull cycle. For now, the pair is trading closer to initial key support at 4.9025, the Jan 26 low. Below here, 4.8032 remains the most notable medium-term support.
  • USDCLP trend conditions remain bullish, and last week’s fresh cycle high reinforces current conditions. The earlier breach of key resistance at 955.00, the Oct 16 ‘23 high, confirmed the medium-term uptrend and opens 985.84 next, the Oct 25 ‘22 high. Price action this week, which has seen the pair trade lower, is still considered corrective at this juncture. Initial firm support moves up to 952.52, the 20-day EMA.
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