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Price Signal Summary - USDCLP gains Considered Corrective

LATAM FX
  • Trend conditions in USDMXN remain bearish and the pair continues to trade closer to its recent lows. The pair has recently breached 19.7533, the Sep 12 low and 19.4136, the May 30 low and a key support, strengthening the case for bears. Moving average studies are in a bear mode position too, highlighting current sentiment. The focus is on 19.1560, the Mar 3 2020 low ahead of 19.0000. Key short-term resistance has been defined at 20.1759, the Oct 19 high. Initial resistance is at 19.5950 the 20-day EMA.
  • USDBRL spiked higher Thursday and in the process breached resistance at 5.4286, the Sep 29 high and pierced 5.5142, the Jul 21 high and a medium-term bull trigger. A clear break of the latter would cancel a recent bearish theme and instead suggest scope for a stronger move higher near-term. This would open 5.5823, the Jan 18 high. Initial firm support is seen at 5.2445, the Nov 10 low.
  • The USDCLP outlook remains bearish despite the latest bounce - gains are considered corrective. The 50-day EMA has recently been cleared. The break signals potential for a deeper pullback and this has exposed 871.94, the Sep 9 low, ahead of 849.75, the Sep 5 low. Key resistance is at 996.97, the Sep 26 high. Clearance of this level would be bullish and open 1000.00 and 1061.00 further out, the Jul 14 high. Initial firm resistance is at 958.44, the Nov 3 high.
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