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Price Signal Summary: USDCLP Impulsive Rally Extends

LATAM FX
  • USDMXN short-term conditions are unchanged and remain bullish. The latest gains have resulted in a clear breach of resistance at 20.7014, the Jun 16 high. 20.7014 marked an important short-term hurdle and the break strengthens bullish conditions. This paves the way for a climb towards the 21.00 handle and 21.1071, the 1.00 projection of the May 30 - Jun 16 - 27 price swing. On the downside, key short-term support is seen at the 20-day EMA, at 20.3752.
  • USDBRL trend conditions remain bullish and this is also supported by a positive set-up in moving average studies. The focus is on 5.4795 next, 76.4% of the Dec ‘21 - Apr downleg. A break would open 5.5245, the Jan 24 high. On the downside, initial support is seen at 5.2644, the 20-day EMA.
  • USDCLP continues to climb and deliver an extension of the bull trend plus maintain the current impulsive nature of the rally. The psychological 1000.00 handle has been cleared and attention is on 1050.00 next. Support has been defined at $942.25, the Jul 7 low.
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