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Price Signal Summary: USDCLP Resumes Its Uptrend

  • USDCLP has once again resumed its uptrend. The pair has cleared resistance at $849.25, the Nov 30 high. This maintains the bullish price sequence of higher highs and higher lows and opens the 860.00 handle and 878.86 further out, the Mar 19 2020 high. Support has been defined at 818.65, the Dec 1 low.
  • The current corrective pullback in USDMXN appears likely to extend. Support at 20.9790, the Nov 3 high, has this week been cleared. The break signals scope for a deeper pullback and opens the 50-day EMA at 20.8023 and 20.7009, the 76.4% retracement of the Nov 9 - 26 rally. Resistance to watch is 21.5147, Dec 1 high. A break would signal a reversal.
  • The USDBRL near-term outlook has deteriorated following a sharp sell-off Tuesday and Wednesday. A deeper pullback would expose the base of the bull channel at 5.4507. The channel is drawn from the Jun 25 low and note too, a key support at 5.3885, the Nov 11 low. Clearance of both these levels would represent an important bearish technical development. Key resistance has been defined at 5.7018, Monday’s high.

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