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Price Signal Summary: USDCLP Finds Support At The 50-Day EMA

LATAM FX
  • USDMXN is unchanged and consolidating near recent lows. A bearish theme continues to dominate following recent weakness, with attention on 19.8004, Jul 30 low. Clearance of this support would expose 19.7059, Jun 25 low and 19.5987, Jun 9 low and a key support. Key short-term resistance is at 20.4564, Aug 20 high.
  • USDCLP last week cleared support at $768.33, Aug 12 low. The pair has also tested its 50-day EMA at 765.54 where a clear break, if seen, would signal potential for a deeper retracement towards 753.10, the Aug 2 low. The 50-EMA though is providing support and stronger gains would signal scope for a climb towards 787.50, Aug 27 high. Note that from a medium-term perspective, the moving average set-up suggests the trend remains up. The bull trigger is 795.73, the Aug 9 high.
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