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Price Signal Summary: USDCLP Tests A Fibonacci Retracement

LATAM FX
  • USDMXN remains in a downtrend and is trading closer to its recent lows. The pair has recently breached support at 19.7274, Apr 4 low. This highlights an important technical break and confirms a resumption of a bear trend that began on Nov 26, 2021. The move lower 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 20.0342, the 50-day EMA.
  • USDBRL remains vulnerable. Price has recently breached support at 4.8597, 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 4.9102, the 50-day EMA.
  • USDCLP short-term conditions remain bearish. Price has recently traded below both the 20- and 50-day EMAs and last week’s move lower has reinforced current conditions. The focus is on the 809.98 retracement, 61.8% of the Mar 29 - May 12 upleg. This level has been tested, a clear break would open 800.00. Further out, scope is seen for weakness towards 800.00. The current pullback is still considered corrective though. The key resistance is at 871.60, May 12 high where a break would resume the uptrend. Initial resistance is at 831.80, the 20-day EMA.
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