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Price Signal Summary: USDCLP Gains Expose Key Resistance

LATAM FX
  • USDMXN is firmer again today as the pair extends the latest strong rally. The move higher has exposed key resistance at 30.6378, the Apr 28 high. It marks an important resistance and a break would suggest potential for an extension higher. This would open 20.6830 and 20.9829, the 61.8% and 76.4% retracements of the Mar - May bear leg. Key support has been defined at 19.4136, May 30 low. Initial support is at 19.8386, the 20-day EMA.
  • USDBRL maintains a firmer tone following recent gains. The recent recovery is still considered corrective, however, the stronger rally does signal scope for a continuation higher. Key resistance to watch is 5.2090, the May 12 high. A breach of this level would strengthen bullish conditions. On the downside, weakness through support at 4.6910 would reinstate a bearish threat and expose 4.5836, the Apr 5 low. Initial support is 4.8940, the 20-day EMA.
  • USDCLP traded sharply higher Friday to confirm a reversal of the bear cycle between May 12 - Jun 3. The USD maintained this bullish theme Monday as the rally extended. This has exposed key near-term resistance at 871.60, the May 12 high. Clearance of this resistance would expose the major hurdle for bulls at 878.86, the Mar 19 2020 high. Key short-term support has been defined at 807.85. Initial support is at 830.94, the Jun 13 low.
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