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Price Signal Summary: USDCLP Extends Its Reversal

LATAM FX
  • The recent pullback in USDMXN is considered corrective. The outlook remains bullish following recent gains that have resulted in a clear breach of resistance at 20.7014, the Jun 16 high. This level marked an important short-term hurdle and the break strengthens bullish conditions. The focus is on 21.1071, the 1.00 projection of the May 30 - Jun 16 - 27 price swing. On the downside, key short-term support is seen at the 50-day EMA, at 20.2467. The 20-day EMA has been breached.
  • USDBRL trend conditions remain bullish and this is also supported by a positive set-up in moving average studies. The focus is on 5.5245 next, the Jan 24 high, ahead of the 5.60 handle. On the downside, initial support is seen at 5.2918, the 20-day EMA. Support below this average, is at 5.2511, the Jul 8 low. Pullbacks are considered corrective.
  • USDCLP has reversed sharply lower from last week’s high of 1061.00 (Jul 14). Support at the 20-day EMA, at 951.16, has been breached. A continuation lower would open the 50-day EMA that lies at 901.29. Moving average studies continue to highlight a broader bull trend condition and for now, the current retracement is considered corrective. A resumption of gains would refocus attention on 1061.00, the Jul 14 high and bull trigger.
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