MNI China Daily Summary: Wednesday, July 10

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Price Signal Summary: USDCLP Is Holding On To Recent highs

LATAM FX
  • USDMXN traded higher Tuesday. The pair remains below the Apr 6 high of 20.1950. A bearish theme remains in place while price trades below this key short-term resistance. Attention is on the Apr 4 low of 19.7274. A break would confirm a resumption of the downtrend and pave the way for a move towards 19.5494, the Jan 21 2021 low. Clearance of 20.1950 is required to signal a potential base.
  • USDBRL remains in consolidation mode. The primary trend direction is unchanged and points south. The break lower on Apr 1 marked a resumption of the downtrend. 4.6000 has been probed and attention is on 4.5439 next, 1.236 projection of the Mar - Jun - Dec 2021 price swing. A key short-term resistance has been defined at 4.7933, Apr 8 high.
  • USDCLP is holding on to recent gains. The pair traded higher last week, reaching a high of 823.72 on Apr 11. Price has also recently traded through the 50-day EMA. A resumption of strength would open 832.75, the Feb 7 high. Initial support is seen at 799.53, the Apr 13 low. Key support lies at 771.89, Mar 29 low
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