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Price Signal Summary: USDCLP Gaps Higher At Today’s Open

LATAM FX
  • USDMXN is trading closer to recent lows. The failure to hold onto the Dec 15 highs and the subsequent sell-off has resulted in a break of support at 20.8421, Dec 13 low. This confirms a resumption of the bear cycle that started Nov 26. The break lower has also resulted in a breach of the 50-day EMA, reinforcing the current bearish threat. Attention is on 20.7009, 76.4% of the Nov 9 - 26 rally that was probed Friday. A clear break of this chart point would open the 20.50 handle. Key short-term resistance is at 21.3637.
  • USDBRL conditions remain bullish and the pair is still trading at recent highs. Last week’s climb on Dec 15, resulted in a print above resistance at 5.7018, Dec 6 high. A clear break would refocus attention on the top of a bull channel drawn from the Jun 25 low. The line intersects at 5.8714. There is also a key resistance handle at 5.7542, the Oct 22 high. Initial firm support lies at 5.5184, Dec 9 low.
  • USDCLP has gapped higher at today’s open to confirm a resumption of the uptrend. Price has thus far pulled back from the open and is looking to fill the gap that has been created on the daily chart. The gap low is 850.67, Friday’s high and marks an initial support. Friday’s low of 836.93 is a second support. The break higher paves the way for a climb towards 878.86, the Mar 19 2020 high.
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