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Price Signal Summary - USDCLP Finds Support Ahead Of The 50-Day EMA

LATAM FX
  • The current bear cycle in USDMXN remains in play. Key short-term resistance has been defined at 17.4280, the Aug 4 high. A clear break of this hurdle is required to highlight a potential short-term reversal and open 17.7714, the May 31 high. The bear trigger lies at 16.6262, the Jul 28 low, where a break would confirm a resumption of the medium-term downtrend.
  • A bull cycle USDBRL remains in play and the latest pullback that started on Aug 18, appears to be a correction. A key resistance at 4.9499, the Jul 6 high, was breached recently. This is seen as an important short-term breakout and opens 5.0039, the Jun 2 high. Further out, an extension would expose 5.1277, the May 31 high. The next support to watch is 4.8416, the Aug 10 low. A break would threaten the bull theme and expose key support at 4.6964, the Jul 28 low.
  • USDCLP maintains a short-term bullish tone and this week’s recovery reinforces a bullish theme. The contract has found support ahead of the 50-day EMA - at 836.50. A continuation higher would signal scope for a climb towards the bull trigger at $872.75, the Aug 18 high. Initial resistance is at 860.95, the Aug 24 high. On the downside, a clear break of the 50-day EMA would instead suggest scope or a deeper retracement.
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