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Price Signal Summary - USDCLP Holds On To Its Recent Gains

LATAM FX
  • The trend outlook in USDMXN is unchanged and remains bearish. Friday’s move lower reinforces this theme. The pair has recently breached support at 17.0340, the Nov 27 low. That break lower confirms a resumption of the downtrend and paves the way for weakness towards 16.6262, the Jul 28 low. Initial firm resistance is at 17.2486, the 50-day EMA.
  • USDBRL bears remain in the driver's seat and recent short-term gains are considered corrective. A resumption of weakness would refocus attention on support at 4.8032, the Dec 27 low. Clearance of this level would signal scope for a move towards 4.6964, the Jul 28 low. On the upside, key short-term resistance has been defined at 4.9771, the Dec 13 high.
  • USDCLP is trading closer to its recent highs and has again pierced the 900.00 handle. A clear breach of this level would signal scope for a continuation higher near-term and open 927.67, the Nov 13 high. Clearance of this level would strengthen a bullish theme. On the downside, initial firm support lies at 870.45, the Dec 29 low. Key support and the bear trigger has been defined at 854.93, Dec 1 low.
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