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Price Signal Summary - USDCLP Pullback Considered Corrective

LATAM FX
  • The USDMXN outlook remains bearish and moving average studies continue to highlight a downtrend. A resumption of weakness would expose the next key short-term support at 19.7533, Sep 12 low. Clearance of this level would strengthen bearish conditions and pave the way for a move towards 19.6185, the Jun 10 low. On the upside, a strong reversal higher would instead refocus attention on 20.5804, the Sep 28 high.
  • USDBRL is trading closer to its recent highs despite today’s pullback. Attention is on resistance at 5.4286, the Sep 29 high. Clearance of this level would expose 5.5142, the Jul 21 high and a key resistance. On the downside, key short-term support is unchanged at 5.1121, the Oct 4 low. A break lower would instead highlight a bearish development.
  • USDCLP traded lower Tuesday and remains below its recent high of 992.13 (Oct 21). Despite the pullback, the outlook remains bullish. Sights are on key resistance at 996.97, the Sep 26 high. A break of this level would open 1000.00 and 1061.00 further out, the Jul 14 high. The 50-day EMA, at 939.54, is a key support. A clear break of the average would undermine the bullish theme and instead suggest scope for a deeper reversal. This would clear the way for 900.00 initially.
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