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Free AccessPrice Signal Summary: USDCLP Heading South
- USDMXN remains above recent lows. The outlook is unchanged though and the trend remains down. This theme follows the sell-off since Nov 26. Short-lived corrective spells during this downtrend clearly highlight bearish sentiment. Furthermore, a sequence of lower lows and lower highs remains intact. Attention is on 20.2517, Nov 9 low and 20.1196, Oct 26 low. The latter is a key support. On the upside, resistance is seen at 20.7603, Jan 6 high where a break would signal a base and confirm a break of the 50-day EMA.
- USDBRL traded lower again yesterday and this week, has cleared the 5.50 handle. The break lower confirms a resumption of the current bear leg and maintains a bearish price sequence of lower lows and lower highs. The focus is on 5.3885 next (probed yesterday), the Nov 11 low. A clear break would open 5.3249, 50.0% of the Jun - Oct rally last year. Key short-term resistance has been defined at 5.5823, Jan 18 high.
- USDCLP is weaker once again today as the current bear leg extends. Attention is on support at 788.22, the Nov 10 low ahead of 783.23, the 50.0% retracement of the May - Dec 2021 upleg. Recent weakness resulted in a breach of trendline support drawn from the May 10, 2021 low and a break of the 50-day EMA. The continued sell-off reinforces the importance of these breaks. Initial firm resistance is seen at 829.18 the 20-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.