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Price Signal Summary: USDCLP Pulls Away From Its Recent High - All Eyes On Support

LATAM FX
  • USDMXN remains below 20.9141, the Jan 28 high. Near-term attention is on the key short-term support and bear trigger at 20.2787, Jan 18 low. A break of this level would confirm a resumption of the downtrend and open 20.2517, Nov 9 low and 20.1196, Oct 26 low. Key short-term resistance is unchanged at 20.9141. A break would instead highlight a short-term bullish reversal.
  • USDBRL remains soft and traded lower again yesterday. A bearish theme follows last week’s sell-off that confirmed a clear break of support at 5.3885, the Nov 11 low. The move lower highlighted a range breakout and has confirmed a resumption of the bear cycle that started Dec 21. Sights are on the 5.2000 handle and 5.1613, the Sep 10, 2021 low. On the upside, resistance is seen at 5.3788, the 20-day EMA.
  • The USDCLP trend direction remains bearish and the reversal from its recent high of 832.75, reinforces this theme. Attention is on 793.46, the Jan 27 low and bear trigger. A break to fresh cycle lows would confirm a resumption of the downtrend and open 788.22, the Nov 10 low ahead of 783.23, the 50.0% retracement of the May - Dec 2021 upleg. 832.75 marks the key short-term resistance, Jan 7 high.
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