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Price Signal Summary: USDCLP Gaps Lower As Bears Return

LATAM FX
  • USDMXN attention is on the 19.8126 low from Aug 15. A clear breach of this support would confirm a resumption of bearish activity and expose 19.4136, the May 30 low. Key short-term resistance has been defined at 20.8335, the Aug 3 high. Initial firm resistance to watch is at 20.2944, the Sep 1 high. A clear break would instead signal scope for a stronger short-term recovery.
  • Last week’s bounce in USDBRL has resulted in a print above resistance at 5.2195, the Aug 19 high. A clear breach of this hurdle is required to strengthen a bullish case and highlight a stronger reversal. This would open 5.3157 initially, Aug 3 high. Key short-term support lies at 5.0108, the Aug 29 / 30 low where a break would reinstate the recent bearish theme.
  • USDCLP bears have returned. The pair has gapped lower today and in the process cleared support at 869.63, the Aug 12 low. The break lower cancels a recent bullish theme and instead reinstates a bearish threat. Scope is seen for weakness towards 807.85, the Jun 3 low. Key resistance has been defined at 955.10. A break would be a bullish development. Initial firm resistance is at $908.20, the Sep 1 high.
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