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Price Signal Summary - USDCLP Pullback Is Considered Corrective

LATAM FX
  • USDMXN remains below its most recent high. Despite the latest pullback move lower, the trend outlook is bullish. Price has remained above both the 20- and 50-day EMAs and these averages are in bull mode condition. Scope is seen for a climb towards $18.6172, the 76.4% retracement of the Mar 20 - Jul 28 downleg. A break of this level would open 19.2322, the Mar 20 high. The bull trigger is 18.4863, the Oct 6 high. On the downside, key support has been defined at 17.3498, the Sep 29 low. Initial firm support lies at 17.7548, the Oct 12 low.
  • USDBRL remains below its recent highs. However, a bull cycle is intact and the recent pullback still appears to be a correction. Scope is seen for a climb towards 5.2495, the Mar 27 high, and 5.3409, the Mar 24 high, further out. The bull trigger has been defined at 5.2202, the Oct 6 high. On the downside, support is seen at 4.9883, the Sep 29 low. It has been tested, a clear break would expose 4.9371, trendline support drawn from the Jul 28 low. The trendline also represents an important area of support.
  • The USDCLP uptrend remains intact and the latest pullback is considered corrective. Moving average studies are in a bull-mode position and a positive price sequence of higher highs and higher lows remains intact. Scope is seen for a climb towards 956.45, the Nov 21 high, and 958.54, the Nov 3 2022 high. Key support is at the 50-day EMA - at 897.82.
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