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Price Signal Summary - USDCLP Outlook Remains Bearish

LATAM FX
  • The path of least resistance is USDMXN remains down and the latest volatile bounce is considered corrective. Fresh lows this week, reinforces the current downtrend. The move lower also confirms a continuation of the broader bearish price sequence of lower lows and lower highs and moving average studies remain in a bear mode set-up. The focus is on 17.5746, the Aug 25 2017 low. The 50-day EMA, at 18.6659, is the next key short-term resistance.
  • USDBRL short-term conditions are unchanged and still appear bullish. A resumption of gains would open 5.3518 next, the 76.4% retracement of the Jan 4 - Feb 2 bear leg. On the downside, initial support to watch lies at 5.1106, the Feb 23 low. A break of this level would instead signal scope for a return to 4.9410, the Feb 2 low. The bull trigger is 5.3073, the Feb 10 high.
  • USDCLP breached the 800.00 handle Tuesday. A continuation lower would expose support and the bear trigger at 776.28, the Mar 2 low. Clearance of this level would confirm a resumption of the broader downtrend and this would open 771.89, the Mar 29 2022 low. Key resistance has been defined at 836.45, the Feb 27 high, where a break is required to reinstate the recent bullish theme.
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