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Price Signal Summary: USDCLP Needle Still Points North

LATAM FX
  • USDMXN has pulled away from recent highs. Despite the move lower, a bullish theme remains intact following the recent failure to test key support at 19.8004, Jul 30 low. A resumption of gains would set the scene for a climb towards a key resistance at 20.4564, Aug 20 high and an important bull trigger. On the downside, clearance of 19.8004 is required to reinstate a bearish threat.
  • Recent gains in USDBRL resulted in a test above resistance at 5.3333, Sep 8 high. A clear breach of this hurdle is still required and if seen, would pave the way for strength towards 5.4741, Aug 20 high. Key short-term support has been defined at 5.1163, Aug 31 low. A break would be bearish.
  • USDCLP is unchanged and remains bullish following the recent recovery from 762.13, Sep 1 low. Attention is on 795.73, Aug 9 high and the bull trigger. Clearance of this hurdle would confirm a resumption of the uptrend that started May 10 and open 800.00 and 803.49, Oct 15, 2020 high. Key support is unchanged at 762.13.
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