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Price Signal Summary - USDCLP Pullback Considered Corrective

LATAM FX
  • USDMXN continues to trade at its recent lows. An extension lower would expose key short-term support 19.7533, the Sep 12 low. Clearance of this level would strengthen bearish conditions. On the upside, a resumption of gains would refocus attention on 20.5804, the Sep 28 high.
  • USDBRL is unchanged. The pair traded sharply lower on Oct 3. The pullback is considered corrective, however, price is approaching support at 5.1070, the Sep 22 low. A break of this level would cancel the recent bullish theme and instead signal scope for a deeper pullback towards 5.0108 initially, the Sep 29 / 30 low. Key short-term resistance has been defined at 5.4286, the Sep 29 high. A break would reinstate a bullish theme.
  • USDCLP maintains a firmer short-term tone despite the latest corrective pullback. The contract has recently cleared resistance at 955.10, Aug 22 high. This strengthened bullish conditions and signals scope for 1000.00 and 1061.00 further out, the Jul 14 high. The 50-day EMA, at 925.06 is first support and is a key short-term level. A break would undermine the bullish theme and instead suggest scope for a deeper reversal. This would open 900.00 initially.
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