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Price Signal Summary: USDCLP Uptrend Remains Intact

LATAM FX
  • USDMXN rallied Friday and importantly traded through resistance at 20.2502, Jul 21 high. The break higher highlights a positive short-term theme and ends the recent 2-month broad consolidation. The pair is approaching 20.5027, 76.4% of the recent Jun 18 - 25 downleg where a break would signal scope for stronger gains potentially towards 20.7488, the Jun 18 high. Key support has been defined at 19.8004, Jul 30 low.
  • USDBRL strengthened last week. The pair cleared resistance at 5.3130, Jul 8 high to confirm a resumption of the uptrend that started Jun 25. The focus is on 5.4996, 61.8% of the sell-off between March and June. A break of this level would open 5.6428, the 76.4% retracement. 5.3130 marks initial support.
  • The USDCLP needle continues to point north and the focus is on 795.73, the Aug 9 high and bull trigger. Moving average studies remain in a bull mode and a bullish price sequence of higher highs and higher lows dominates. A break of 795.73 would confirm a resumption of the uptrend and open 800.00 and above. Key support lies at 768.33, Aug 12 low. Dips are considered corrective.
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