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Price Signal Summary - USDCLP Support Remains Intact

LATAM FX


  • USDMXN remains in consolidation mode for now. The pair traded sharply higher on Jan 16 and the move above the 50-day EMA - at 17.1591 currently - does suggest scope for a continuation higher near-term. A resumption of gains would expose resistance at 17.5653, the Dec 5 high. Clearance of this hurdle would highlight a stronger reversal. On the downside, key support and the bear trigger, lies at 16.7852, the Jan 8 low. A break would instead resume the downtrend. Initial support to watch is the 17.00 handle.
  • USDBRL attention is key resistance at 5.0017, the Jan 23 high. It has recently been pierced. A clear break of this hurdle would cancel the recent bearish threat and instead confirm a resumption of the bull cycle and open 5.0609, 61.8% of the Oct 6 - Dec 27 bear leg. Initial key support to watch lies at 4.9025, the Jan 26 low. A breach would be bearish. Short-term pullbacks are considered corrective - for now.
  • USDCLP maintains a positive tone and Tuesday’s fresh trend-high reinforces current conditions. The pair also traded higher last week and in the process breached key resistance at 955.00, the Oct 16 ‘23 high. This confirms a resumption of the medium-term uptrend and opens 985.84 next, the Oct 25 ‘22 high. Initial firm support lies at 941.06, the 20-day EMA. A pullback is considered corrective.
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