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Price Signal Summary - USDCLP Trend Outlook Remains Bullish

LATAM FX
  • USDMXN traded sharply higher on Jan 16. The recent climb is - for now - considered corrective, however, the break of resistance around the 50-day EMA - at 17.1817 - does suggest scope for an extension 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 resume the downtrend. Initial support to watch lies at 17.0566, the Jan 22 low.
  • The trend condition in USDBRL remains bearish and the latest recovery - that started Dec 27 - is considered corrective. However, the pair has pierced resistance at 4.9771, the Dec 13 high. A clear break of this hurdle would undermine the bearish theme and signal scope for a stronger recovery above the 5.00 handle, towards 5.0696, the Oct 31 high. Key short-term support has been defined at 4.8032, the Dec 27 low. A break of this level is required to resume the downtrend. Initial support lies at 4.8868, the Jan 16 low.
  • USDCLP maintains a bullish tone following the recent extension of the bull cycle that started Dec 1. The latest move lower is - for now - considered corrective. The recent breach of 902.28, the Dec 26 high, strengthened a short-term bullish condition and resulted in a break of 924.67, the Nov 13 high. The move through this hurdle signals scope for 955.00, the Oct 16 high. Firm support lies at 870.45, the Dec 29 low. Initial support is at 896.20 the 50-day EMA.
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