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Price Signal Summary - USDCLP Trend Needle Still Points South

LATAM FX
  • The near-term outlook in USDMXN appears bearish and the pair is trading closer to its recent lows. A continuation lower would signal scope for a move towards 19.0401, a key support and the Nov 29 low. On the upside, key resistance has been defined at 19.9184, the Dec 12 high. A break would be bullish.
  • USDBRL traded lower last week, but the pair has recovered from the 5.1183 low on Dec 23. A break of this support is required to reinstate a bearish theme that would open 5.0108, the Sep 29 / 30 low. Short-term resistance has been defined at 5.3717, the Dec 14 high.
  • The USDCLP outlook remains bearish and short-term gains are considered corrective. Sights are on support at $849.75, the Sep 5 low. This level has recently been pierced, a clear break would signal scope for weakness towards $807.85, the Jun 3 low. On the upside, key short-term resistance has been defined at $956.45, the Nov 21 high. Initial firm resistance is at $898.71 the 50-day EMA.
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