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Price Signal Summary - USDCLP Support Remains Exposed

LATAM FX
  • USDMXN traded sharply lower Tuesday and the pair continues to weaken, extending the reversal from last 17.9394, the Nov 10 high. The move lower confirms the end of the recent Nov 3 - 10 corrective bounce and the break of support at 17.2833, the Nov 3 low, confirms a resumption of the current bear cycle and opens 16.9988, the Sep 20 low. On upside, a move above 17.9394 would be a short-term bullish development and expose 18.4863, the Oct 6 high.
  • USDBRL maintains a softer tone. The pair traded lower yesterday and this resulted in a clear break of 4.8590 support, the Nov 7 low. The move lower confirms a resumption of the current downtrend and signals scope for an extension towards 4.8200, 76.4% of the Jul 28 - Oct 6 upleg, and the 4.8000 handle. Initial firm resistance is at 4.9535, the Nov 10 high.
  • The USDCLP uptrend remains intact, however, this week’s sell-off does threaten the bullish theme. Key short-term support has been defined at 873.00, the Nov 3 low. A break of this level would strengthen a bearish threat and signal scope for a deeper retracement towards 837.45, the Aug 25 low. For bulls, clearance of 924.67, the Nov 13 high, would expose key resistance at 955.00, the Oct 16 high.
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