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Price Signal Summary - USDCLP Starts The Week On A Bullish Note

LATAM FX
  • USDMXN traded higher last Thursday breaching both the 20- and 50-day EMAs. For now, the recent rally is considered corrective and a bearish theme remains intact. The pair would need to trade above 18.0800, the Nov 1 high, to strengthen a bullish case and this would expose key resistance at 18.4863, the Oct 6 high. On the downside, a move below 17.2833, the Nov 3 low, would resume the bear leg and open 16.9988, the Sep 20 low.
  • USDBRL maintains a softer tone following recent weakness and short-term gains are, for now, considered corrective. Trendline support was breached on Nov 3 - the trendline is drawn from the Jul 28 low and the break confirms a resumption of the downtrend that started Oct 6. Sights are on 4.8408 next, the Sep 19 low and the 4.8000 handle. Initial firm resistance is at 5.0696, the Oct 31 high.
  • The USDCLP uptrend remains intact and the pair has started the week on a bullish note. Key short-term support has been defined at 873.00, the Nov 3 low. An extension of last week’s gains would signal scope for a climb towards key resistance and the bull trigger at 955.00, the Oct 16 high. On the downside, a reversal and a break of 873.0, would instead highlight a stronger reversal.
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