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Price Signal Summary: USDCLP Gaps Lower At The Open

LATAM FX
  • USDMXN maintains a bearish tone. The pair has breached support at 19.7274, Apr 4 low. This highlights an important technical break and confirms a resumption of a bear trend that started on Nov 26 last year. The move lower opens 19.1560, the Mar 3 2020 low. On the upside, clearance of 20.6378, Apr 28 high, is still required to reinstate a bullish theme. Initial resistance is at 20.0752, the 50-day EMA.
  • USDBRL remains soft and is still trading near recent lows. Price has recently breached support at 4.8597, Apr 29 low. This, together with a clear break of the 4.80 handle strengthens the current bearish cycle and signals scope for 4.5836, Apr 5 low and a key support. Key resistance has been defined at 5.2090, May 12 high. Initial resistance is at 4.9206, the 50-day EMA.
  • USDCLP has gapped lower at today’s open and is trading below initial support at 818.72, May 27 low. Short-term conditions remain bearish. Price has recently traded below both the 20- and 50-day EMAs. This opens the 809.98 retracement, 61.8% of the Mar 29 - May 12 upleg. The current pullback is still considered corrective though. The key resistance is at 871.60, May 12 high where a break would resume the uptrend. Initial resistance is at 836.14, the 20-day EMA.
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