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Price Signal Summary - USDCLP Trend Needle Points North

LATAM FX
  • USDMXN continues to trade below 17.3860, the Jan 17 high. The pair traded sharply higher on Jan 16 and the move above the 50-day EMA - at 17.1695 currently - does suggest scope for a continuation higher near-term. This has exposed 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 traded higher last Friday and initially also traded firmer Monday. Attention is key resistance at 5.0017, the Jan 23 high. 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.
  • USDCLP maintains a positive tone following the recent extension of the bull cycle that started Dec 1. The pair started this week on a firm note and traded higher Monday. The rally resulted in a break of key resistance at 955.00, the Oct 16 ‘23 high. This confirms a resumption of the medium-term uptrend and opens 962.84 next, the Oct 25 ‘22 low and a gap high on the daily chart. Clearance of this level would open 985.84, the Oct 25 ‘22 high. Initial firm support lies at 924.28, the 20-day EMA.
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