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Price Signal Summary - USDCLP Maintains A Softer Tone

LATAM FX
  • The trend outlook in USDMXN is bearish and yesterday’s move lower reinforces this condition, despite the recovery from Tuesday's session low. The break of support at 19.2509, the Nov 15 low, has confirmed a resumption of the broader downtrend that started in Nov 2021. Note that moving average studies are in a clear bear mode position, highlighting current market sentiment. The focus is on 19.00. A break of this level would pave the way for weakness towards 18.7835, the 1.382 projection of the Jul 14 - Sep 12 - Sep 28 price swing. Initial resistance is seen at 19.4662, the 20-day EMA.
  • USDBRL remains below its recent highs. The pair recently breached resistance at 5.4286, the Sep 29 high and pierced 5.5142, the Jul 21 high and a medium-term bull trigger. A clear break of the latter would cancel a bearish theme and instead signal scope for a stronger move higher near-term. This would open 5.5823, the Jan 18 high. Initial firm support is unchanged at 5.2445, the Nov 10 low. A breach of this level would expose 5.0108, the Sep 29 / 30 low.
  • USDCLP continues to trade below its recent highs and is trading lower once again today. Resistance to watch is 958.44, the Nov 3 high. A break of this level would signal scope for a stronger recovery and expose 996.97, the Sep 26 high. On the downside, a continuation lower would expose key support and the bear trigger at 880.85, the Nov 11 low. Clearance of this support would expose 849.75, the Sep 5 low.
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