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Price Signal Summary: USDCLP Trendline Break Reinforces A Bearish Theme

LATAM FX
  • USDMXN remains above recent lows. From a short-term perspective, a corrective bearish cycle is potentially still in play following the move lower between Nov 3 - 9. A resumption of weakness would open 20.2517, Nov 9 low the next key short-term support. A break would expose 20.1196, Oct 26 low. Key resistance is unchanged at 20.9790, Nov 3 high.
  • USDBRL is off its recent low but despite this remains soft. Attention is on the base of a bull channel at 5.3634. The channel is drawn off the Jun 25 low and represents a key pivot support parameter. While price remains inside the bull channel, the underlying trend condition remains bullish and the current bear cycle is considered corrective. Initial resistance is at 5.6068, Nov 5 high. A bearish channel breakout would signal scope for a deeper sell-off and open the 5.20 handle.
  • USDCLP last week cleared an important trendline support drawn from the May 10 low. The break has also established a short-term bearish price sequence of lower lows and lower highs, suggesting scope for a deeper retracement. The move lower has opened the 780.00 handle. Initial firm resistance is seen at 805.33, the 20-day EMA. The EMA has been probed today but has provided resistance nevertheless. A more important key resistance is at 818.63, Nov 3 high.
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