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Price Signal Summary: USDCLP Rally Extends

LATAM FX
  • USDMXN is trading lower again today as the pair pulls away from its recent high of 20.7014 on Jun 16. The move down is considered corrective and a bullish outlook remains intact following recent gains. The rally that started May 30, resulted in a print last week above 20.6378, the Apr 28 high. It marks an important resistance and a clear break would suggest potential for an extension higher. This would open 20.6830 (tested) and 20.9829, the 61.8% and 76.4% retracements of the Mar - May bear leg. Key support has been defined at 19.4136, May 30 low. Initial support is at 20.0518, the 20-day EMA.
  • USDBRL is trading closer to its recent highs. The pair maintains a firmer tone following recent gains and attention is on key resistance at 5.2090, the May 12 high. A breach of this level would strengthen bullish conditions and open 5.3083, 61.8% of the Dec 21 ‘21 - Apr 5 bear leg. On the downside, weakness through support at 4.6910 would reinstate a bearish threat and expose 4.5836, the Apr 5 low. Initial support is 4.9876, the 20-day EMA.
  • USDCLP maintains a bullish tone and has traded higher once again today. Recent gains have resulted in a break of key resistance at 871.60, the May 12 high, and the major hurdle for bulls at 878.86, the Mar 19 2020 high. This signals potential for a climb towards the 900.00 handle. Initial firm support is at 846.43, the Jun 10 high and a gap low on the daily chart.
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