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Price Signal Summary: USDCLP Is Trading Near Recent Highs

LATAM FX
  • USDMXN is unchanged and is consolidating near recent lows. Support at 20.9790, the Nov 3 high, has recently been cleared. The break signals scope for an extension of the current bear cycle and attention is on the 50-day EMA at 20.8138 and 20.7009, the 76.4% retracement of the Nov 9 - 26 rally. Resistance to watch is 21.5147, Dec 1 high.
  • A short-term USDBRL bearish threat remains present following the sell-off last week between Dec 6 - 9. A deeper pullback would expose the base of the bull channel at 5.4603. The channel is drawn from the Jun 25 low and a break would expose support at 5.3885, the Nov 11 low. Clearance of both these levels would represent an important bearish technical development. Key resistance is at 5.7018, the Dec 6 high.
  • USDCLP last week resumed its uptrend and the pair continues to trade closer to recent highs. Resistance at $849.25, the Nov 30 high, has been breached. This maintains the bullish price sequence of higher highs and higher lows and opens the 860.00 handle and 878.86 further out, the Mar 19 2020 high. Support lies at 818.65, the Dec 1 low.
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