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Price Signal Summary: USDCLP Holds On To Its Gains

LATAM FX
  • USDMXN is holding onto the bulk of its recent gains. The pair touched a fresh high last week of 20.5367 on Apr 28. A bullish theme remains intact - recent gains have resulted in a break of 20.1950, the Apr 6 high, and price has also traded above the 50-day EMA. Note too that a double bottom reversal pattern has also been confirmed on the daily chart, reinforcing a short-term bullish theme. Attention is on the 50.0% Fibonacci retracement of the Mar-Apr range, at 20.5975. This level has been probed, a clear break would open 20.8028, the 61.8% retracement. Key support has been defined at 19.7274, the Apr 4 low.
  • USDBRL bounced off Friday’s low of 4.8597 and has cleared the Apr 28 high of 5.0448. The breach of this resistance signals a resumption of bullish activity and also threatens the recent dominant bear cycle - signalling potential for a stronger short-term bull cycle. This has opened 5.1689, the Mar 15 high. Initial support lies at 4.5897.
  • USDCLP maintains a firmer tone. Recent gains resulted in a break of resistance at 823.72, Apr 11 high, and this confirmed an extension of the current bull cycle that started Mar 29. Potential is seen for a climb above the 860.00 handle, which has been probed, to open 876.15, the Dec 20 high. Firm support has been defined at 799.53, the Apr 13 low. Initial support lies at 823.72.
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