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Price Signal Summary - USDCLP Trend Needle Points South

LATAM FX
  • USDMXN traded lower yesterday, but has recovered from this week’s lows. The outlook remains bearish. The pair has breached support at 18.5667, the Jan 18 low. This marks an important break as it cancels a recent bullish signal and confirms a resumption of the primary downtrend. The focus is on 18.4767, the 1.618 projection of the Jul 14 - Sep 12 - Sep 28 price swing. The 1.764 projection lies at 18.2869. Initial resistance is at 18.8978, the Jan 26 high. Key short-term resistance is at 19.1091, the Jan 19 high.
  • USDBRL rebounded off yesterday’s low of 4.9410. Despite the recovery the near-term outlook remains bearish following this year's downward price action. The pair has traded below support at 5.0108, the Aug 29/30 low and a key support. A clear break would represent an important bearish development and confirm a broad range breakout. This would open 4.8853, the 76.4% retracement of the May 30 - Jul 21 2022 bull leg. Initial firm resistance has been defined at 5.1408, the Jan 31 high. Key short-term resistance is at 5.2557.
  • The USDCLP outlook remains bearish and the pair is trading near its recent lows. The break lower this week confirms a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. The 800.00 handle has been breached and this opens 771.89, the Mar 29 2022 low. On the upside, initial resistance is seen at 814.75, the 20-day EMA.
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