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Price Signal Summary: USDCLP Is Holding On To its Recent Gains

LATAM FX
  • USDMXN is holding onto recent gains and continues to trade above the recent low of 19.8193, the Jun 27 low. A continuation higher would signal scope for a test of resistance at 20.7014, the Jun 16 high. It is an important short-term resistance and a break would strengthen bullish conditions. On the downside, key short-term support has been defined at 19.8193. A break would expose 19.4136, the May 30 low.
  • USDBRL traded to a fresh trend high Friday. Trend conditions remain bullish and the pair is holding on to recent gains The focus is on 5.3500 next, the Feb 4 highland further out, the 5.4000 handle beckons. On the downside, initial support is seen at 5.1323, the 20-day EMA.
  • USDCLP bulls have paused for breath. A bullish theme remains intact though following recent strong impulsive gains. The climb has resulted in a break of key resistance at 871.60, the May 12 high, and the major hurdle for bulls at 878.86, the Mar 19 2020 high. This signals scope for a continuation higher. Sights are on 945.65, the 1.382 projection of the Mar 29 - May 12 - Jun 3 price swing. Initial firm support is at 887.69, the 20-day EMA.
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