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Price Signal Summary - USDCLP Trades To A Fresh Cycle High

LATAM FX
  • USDMXN has pulled back from today’s intraday high. The outlook though remains bullish and the recent bear cycle between Sep 7 - 20 still appears to be a correction. Price recently traded through an important resistance at 17.4280, the Aug 4 high. The daily close above 17.4280 confirmed a double bottom reversal pattern on the daily chart. If correct, this price development signals scope for a climb towards 17.9292 next - 50.0% of the Mar 20 - Jul 28 downleg. On the downside, a resumption of weakness would signal scope for a steeper pullback towards major support that lies at 16.6262, the Jul 28 low.
  • A bull cycle in USDBRL remains in play and the key pivot support at 4.8416, the Aug 10 low, is intact. A clear break of this level would threaten the bullish theme and expose key support at 4.6964, the Jul 28 low. The bull trigger is unchanged at 5.0016, the Aug 18 high. Clearance of this level would confirm a resumption of the uptrend and open 5.1277, the May 31 high.
  • USDCLP maintains a bullish tone following recent gains and the pair has traded to a fresh cycle high today - breaching 903.23, the Sep 12 high. Moving average studies are in a bull-mode position too and a positive price sequence of higher highs and higher lows remains intact. Scope is seen for a climb towards $912.67, the 61.8% retracement of the Sep ‘22 - Feb ‘23 bear leg. Key support is at the 50-day EMA - at 861.40. The 20-day EMA lies at 880.76.
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