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LATAM FX: Price Signal Summary – USDCLP Extends Upward Trend

LATAM FX
BulletEM BulletEmerging Market News
  • The USDMXN trend structure is bullish and this week’s breach of 20.8313, the Nov 26 high, confirms a resumption of the technical uptrend. However, price has since pulled back and initial support is seen at 20.4084, the 20-day EMA. Key support is at the 50-day average, intersecting today at 20.2209. A resumption of strength would place focus on the 21.00 handle and then 21.4676, the 2022 high.
  • USDBRL is little changed today, and the technical bull cycle remains in play. On the topside sights are on 6.3406, the 3.00 projection of the Aug 19 - 30 - Sep 19 price swing, and 6.4149, the 3.236 projection. Below here, initial support is found at 6.1017, the 20-day EMA before 6.00 handle. A break of the 50-day EMA would be required to signal a potential reversal. This average intersects at 5.9521.
  • A bull cycle in USDCLP remains in play and the latest round of gains emphasises this trend. The pair has cleared resistance at 990.67, the Feb 26 high, and momentum has increased following the break of the psychological 1000.00 handle. Further strength would place focus on 1032.29, a Fibonacci projection level before 1061, the 2022 high. Support moves up to 989.20.75, the 20-day EMA.
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  • The USDMXN trend structure is bullish and this week’s breach of 20.8313, the Nov 26 high, confirms a resumption of the technical uptrend. However, price has since pulled back and initial support is seen at 20.4084, the 20-day EMA. Key support is at the 50-day average, intersecting today at 20.2209. A resumption of strength would place focus on the 21.00 handle and then 21.4676, the 2022 high.
  • USDBRL is little changed today, and the technical bull cycle remains in play. On the topside sights are on 6.3406, the 3.00 projection of the Aug 19 - 30 - Sep 19 price swing, and 6.4149, the 3.236 projection. Below here, initial support is found at 6.1017, the 20-day EMA before 6.00 handle. A break of the 50-day EMA would be required to signal a potential reversal. This average intersects at 5.9521.
  • A bull cycle in USDCLP remains in play and the latest round of gains emphasises this trend. The pair has cleared resistance at 990.67, the Feb 26 high, and momentum has increased following the break of the psychological 1000.00 handle. Further strength would place focus on 1032.29, a Fibonacci projection level before 1061, the 2022 high. Support moves up to 989.20.75, the 20-day EMA.