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Price Signal Summary: USDCLP Resumes Its Uptrend

LATAM FX
  • USDMXN maintains a bullish tone following last week’s extension of the uptrend and break of resistance at 20.9790, Nov 3 high and 21.6357, the Mar 8 high. A resumption of strength would open the 22.50 handle. Short-term dips are considered corrective and a strong short-term support is seen at 20.9790. Note however that given the vertical nature of the most recent recovery, it would not be a surprise to see an increase in volatility near-term and perhaps even a deeper corrective pullback. The bull trigger is 22.1550, the Nov 26 high.
  • USDBRL is unchanged and continues to consolidate. The short-term outlook remains bullish. Firm support lies at 5.3885, Nov 11 low and the bull channel base intersects at 5.4119. The channel is drawn from the Jun 25 low. Clearance of these two support levels is required to suggest potential for a stronger sell-off. This would expose 5.20. On the upside, recent gains suggest potential for a climb towards the channel top at 5.8036.
  • USDCLP has traded above 841.25, the Nov 18 high. This confirms a resumption of the uptrend that started early May and opens the 850.00 handle. With all major retracements cleared, there’s also scope for a climb to 878.86 further out, the Mar 19 2020 high to complete a 100.00% retracement of the Mar 2020 - May 20201 downleg. Key support has been defined at 798,65, the Nov 22 low.
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