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Price Signal Summary - USDCLP Resistance Remains Intact

LATAM FX
  • The trend outlook in USDMXN is unchanged and continues to point south. Short-term gains are considered corrective. The recent breach of 19.7533, the Sep 12 low and 19.4136, the May 30 low and a key support, strengthened the case for bears. Moving average studies are in a bear mode position too, highlighting current sentiment. The focus is on 19.1560, the Mar 3 2020 low ahead of 19.0000. The next firm resistance is seen at 19.7411, the 50-day EMA.
  • USDBRL remains below its recent highs. The pair recently breached resistance at 5.4286, the Sep 29 high and pierced 5.5142, the Jul 21 high and a medium-term bull trigger. A clear break of the latter would cancel a recent bearish theme and instead signal scope for a stronger move higher near-term. This would open 5.5823, the Jan 18 high. Initial firm support is unchanged at 5.2445, the Nov 10 low.
  • USDCLP has pulled back from its recent highs. Resistance to watch is 958.44, the Nov 3 high. A break of this level would signal scope for a stronger recovery and expose 996.97, the Sep 26 high. Key support and the bear trigger lies at 880.85, the Nov 11 low.
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