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Price Signal Summary - USDCLP Is Approaching Resistance

LATAM FX
  • USDMXN touched a fresh trend low of 16.9811 on Jul 5, before recovering. The downtrend remains intact and the break lower last week marks an extension of the bearish price sequence of lower lows and lower highs. Scope is seen for a move towards 16.9791 and 16.7758, the 1.618 and 1.764 projections of the Jun 2 - Mar 9 - Mar 20 price swing. Resistance to watch is the 50-day EMA, which intersects at 17.4258. This is a key short-term hurdle for bulls, where a clear break would signal a stronger reversal and open 17.7714, the May 31 high.
  • USDBRL remains in a downtrend and gains since Jun 22, appear to be a correction. However, initial firm resistance at 4.9084 the 50-day EMA, has been breached. A clear break of this level would signal a potential reversal. This would open the 5.00 handle initially. For bears, the move lower on Jun 9 resulted in a break of 4.8859, the May 15 low and this confirmed a range breakout and a resumption of the medium-term downtrend. A resumption of the bear trend would open 4.7490, the Jun 6 2022 low and 4.6910, the May 30 2022 low. The bear trigger lies at 4.7513, the Jun 22 low.
  • USDCLP is firmer and approaching resistance at 815.47, the May 25 high. A clear break of this level would signal scope for a climb towards 825.20, the Apr 10 high, ahead of the key short-term resistance at 837.15, the Mar 17 high. Initial key support has been defined at 794.09, the Jul 4 low.
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