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Price Signal Summary: USDCLP Impulsive Rally Extends

LATAM FX
  • USDMXN conditions are unchanged and the outlook remains bullish. Recent gains have resulted in a clear breach of resistance at 20.7014, the Jun 16 high. This level marked an important short-term hurdle and the break strengthens bullish conditions. The focus is on 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 20.4159.
  • USDBRL trend conditions remain bullish and this is also supported by a positive set-up in moving average studies. The focus is on 5.5245 next, the Jan 24 high, ahead of the 5.60 handle. On the downside, initial support is seen at 5.2797, 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 this week and attention is on 1068.89 next, the 2.618 projection of the Mar 29 - May 12 - Jun 3 price swing. Support has been defined at $948.75, the 20-day EMA.

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