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Price Signal Summary - USDCLP Trend Outlook Remains Bearish

LATAM FX
  • The trend direction in USDMXN remains down and the pair is trading at its recent lows. 19.7533, the Sep 12 low and 19.4136, the May 30 low and a key support, have been breached. Moving average studies are in a bear mode position too, highlighting current sentiment. The focus is on 19.1560, the Mar 3 2020 low ahead of 19.0000. Key short-term resistance has been defined at 20.1759, the Oct 19 high. Initial resistance is at 19.6427 the 20-day EMA.
  • USDBRL key short-term resistance is unchanged at 5.4286, the Sep 29 high. While price trades below this level, the outlook remains bearish and a resumption of weakness would open the 5.0205 low on Nov 4. A break of this support would strengthen bearish conditions. For bulls, clearance of 5.4286, would expose 5.5142, the Jul 21 high and a medium-term bull trigger.
  • The USDCLP outlook remains bearish. The 50-day EMA has recently been cleared. The break signals potential for a deeper pullback and this has exposed 871.94, the Sep 9 low, ahead of 849.75, the Sep 5 low. Key resistance is at 996.97, the Sep 26 high. Clearance of this level would be bullish and open 1000.00 and 1061.00 further out, the Jul 14 high. Initial firm resistance is at 958.44, the Nov 3 high.
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