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Price Signal Summary: USDCLP Gains Considered Corrective

LATAM FX
  • USDMXN is unchanged. Recent gains stalled at 20.9141, the Jan 28 high and the pair remains softer. Attention is on the key short-term support and bear trigger at 20.2787, Jan 18 low. A break of this support would confirm a resumption of the downtrend and open 20.2517, Nov 9 low and 20.1196, Oct 26 low. Key short-term resistance is at 20.9141. A break would instead highlight a short-term reversal.
  • USDBRL is consolidating. The outlook remains bearish though. This week’s sell-off confirmed a clear break of support at 5.3885, the Nov 11 low. The move lower highlights a range breakout and has confirmed a resumption of the bear leg that started Dec 21. This has exposed 5.2230, 61.8% retracement of the rally between Jun - Dec last year. On the upside, resistance is seen at 5.4349, Jan 27 low.
  • The USDCLP trend direction remains bearish and this week’s gains are considered corrective. The downtrend is highlighted by a bearish moving average condition. A break to fresh lows would confirm a resumption of the downtrend and open 788.22, the Nov 10 low ahead of 783.23, the 50.0% retracement of the May - Dec 2021 upleg. Next resistance is seen at 827.27 the Jan 18 high.
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