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Price Signal Summary: USDMXN Appears Vulnerable

LATAM FX
  • USDMXN is trading lower again today and still appears vulnerable. A key short-term resistance has been defined at 20.8335, the Aug 3 high. The reversal lower from this level signals scope for a deeper pullback and attention is on support at 20.2080, the Jul 29 low. This support has today been pierced and a clear break would strengthen bearish conditions and open the 20.00 handle. On the upside, clearance of 20.8335, would instead expose 21.0535, the Jul 14 high.
  • USDBRL started the week on a softer note trading lower Monday and below 5.1298, the Aug 1 low. A clear break of this support would threaten the recent bullish focus and instead, highlight potential for a deeper pullback. This would open 5.0055, the 61.8% retracement of the May 30 - Jul 21 upleg. On the upside, initial key resistance has been defined at 5.3157, the Aug 3 high. A break would reinstate a bullish focus and attention would turn to 5.5142, the Jul 21 high and a bull trigger.
  • {CL} USDCLP is consolidating and continues to trade closer to its recent lows. A resumption of weakness and a break of 884.75, Aug 1 low, would confirm a continuation of the current bear leg and open 853.40, the Jun 15 low. Initial firm resistance has been defined at 970.08, the Jul 22 high. A breach is required to reinstate a bullish theme.
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  • USDMXN is trading lower again today and still appears vulnerable. A key short-term resistance has been defined at 20.8335, the Aug 3 high. The reversal lower from this level signals scope for a deeper pullback and attention is on support at 20.2080, the Jul 29 low. This support has today been pierced and a clear break would strengthen bearish conditions and open the 20.00 handle. On the upside, clearance of 20.8335, would instead expose 21.0535, the Jul 14 high.
  • USDBRL started the week on a softer note trading lower Monday and below 5.1298, the Aug 1 low. A clear break of this support would threaten the recent bullish focus and instead, highlight potential for a deeper pullback. This would open 5.0055, the 61.8% retracement of the May 30 - Jul 21 upleg. On the upside, initial key resistance has been defined at 5.3157, the Aug 3 high. A break would reinstate a bullish focus and attention would turn to 5.5142, the Jul 21 high and a bull trigger.
  • {CL} USDCLP is consolidating and continues to trade closer to its recent lows. A resumption of weakness and a break of 884.75, Aug 1 low, would confirm a continuation of the current bear leg and open 853.40, the Jun 15 low. Initial firm resistance has been defined at 970.08, the Jul 22 high. A breach is required to reinstate a bullish theme.