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Price Signal Summary: USDCLP Price Swings Define Key Directional Triggers

LATAM FX
  • USDCLP is sharply lower this morning having pulled away from recent highs and gapping lower at today's open. Recent price action has defined key directional triggers at; 841.25, the Nov 18 high and 788.22, the Nov 10 low. Clearance of support would set the scene for weakness towards 762.13, Sep 1 low while a breach of resistance at 842.25 would instead open 850.00 and further out 878.86, the Mar 19, 2020 high.
  • USDMXN continues to strengthen and attention is on the key resistance at 20.9790, Nov 3 high. A break of this hurdle would confirm a resumption of the uptrend and signal potential for a stronger rally above the 21.00 handle towards 21.1550, 76.4% of the Mar - Jun sell-off. Key support lies at 20.2517, Nov 9 low. Initial support is at 20.5760, the 20-day EMA.
  • USDBRL continues to recover from recent lows. An initial firm support has been defined at 5.3885, Nov 11 low. This lies just ahead of the bull channel base that intersects at 5.3828 today. The channel base represents a key support where a break is required to suggest potential for a stronger move lower. This would expose the 5.20 handle. Resistance at 5.6068, Nov 5 high has been breached and this strengthens short-term bullish conditions plus signals scope for a climb towards the channel top at 5.7745.
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