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Price Signal Summary: USDCLP Remains Above Its Trendline Support

LATAM FX
  • USDMXN is consolidating and trading near recent lows. The short-term outlook is bearish. This follows the downleg since Nov 26. Attention is on support at 20.2517, Nov 9 low and 20.1196, Oct 26 low. The latter is a key support. On the upside, resistance is seen at 20.7515, the 50-day EMA. Key resistance is far off though at 21.3637, the Dec 15 high.
  • Monday’s USDBRL recovery from below the 50- and 20-day EMAs is a bullish development and signals the early stages of stronger reversal. Attention is on resistance at 5.7563, the Dec 21 high and bull trigger. A break would confirm a resumption of the uptrend and open 5.8064, the Mar 29 high. A break of support at 5.5330, the bull channel base drawn from the Jun 25 low, is required to threaten the trend.
  • USDCLP remains in an uptrend and the recent pullback is still considered corrective. Moving average studies are in a bull mode and the pair is trading above a trendline support at 839.58. The trendline is drawn from last year's May 10 low. A resumption of gains would open the bull trigger at 876.15, the Dec 20 high. Key support is seen at the 50-day EMA that intersects at 835.16.
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