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Price Signal Summary - USDCLP Key Support Remains Exposed

LATAM FX
  • USDMXN maintains a softer tone and the pair is trading lower, extending the reversal from 19.2322, the Mar 20 high. Price is below the 18.00 handle and this has exposed the next key support at 17.8981, the Mar 9 low. A breach of this level would pave the way for weakness towards 17.5746, the Aug 25 2017 low. Key resistance and the bull trigger has been defined at 19.2322. Initial firm resistance is at 18.7976, the Mar 24 high.
  • USDBRL recently failed to hold on to the high of 5.3409, on Mar 24. Recent weakness has resulted in a break of 5.1012, the Mar 8 low and a key support. The break strengthens the current bearish theme and signals scope for a move towards 5.00 and 4.9410, the Feb 2 low. Initial firm resistance is seen at 5.1978, the 50-day EMA.
  • USDCLP traded lower last week and pierced support at the Mar 7 low of 789.00. A clear break of this level would strengthen a bearish theme and expose key support at 776.28, the Feb 3 low. Clearance of this level would resume the medium-term downtrend and open 771.89, the Mar 29 low. Initial firm resistance is seen at 813.84, the 50-day EMA.
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