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Price Signal Summary: USDCLP Still Appears Vulnerable

LATAM FX
  • USDMXN maintains a bearish tone. The pair recently pushed through key support at 19.7274, Apr 4 low. A clear breach highlights an important technical break and confirms a resumption of a bear trend that started on Nov 26 last year. This opens 19.1560, the Mar 3 2020 low. On the upside, clearance of 20.6378, Apr 28 high, is still required to reinstate a bullish theme. Initial resistance is at 20.0906, the 50-day EMA.
  • USDBRL remains soft and is still trading near recent lows. Price has recently breached support at 4.8597, the Apr 29 low. This, together with a clear break of the 4.80 handle strengthens the current bearish cycle and signals scope for 4.5836, Apr 5 low and a key support. Key resistance has been defined at 5.2090, May 12 high. Initial resistance is at 4.9249, the 50-day EMA.
  • USDCLP remains above its recent low, but still appears vulnerable. Price has recently traded below both the 20- and 50-day EMAs, signalling scope for an extension lower. This opens the 809.98 retracement, 61.8% of the Mar 29 - May 12 upleg. The current pullback is still considered corrective. The key resistance is at 871.60, May 12 high where a break would resume the uptrend. Initial resistance is at 837.39, the 20-day EMA.
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