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Price Signal Summary: USDMXN Approached The Next Round Of Supports

LATAM FX
  • USDMXN has traded marginally lower but has not signalled a resumption of the downtrend. The outlook remains bearish. This follows the sell-off that started Nov 26, with short-lived corrective spells clearly highlighting bearish sentiment. Attention is on support at 20.2517, Nov 9 low and 20.1196, Oct 26 low and a key support. On the upside, resistance is seen at 20.7603, Jan 6 high where a break would suggest a base and also confirm a break of the 50-day EMA.
  • USDBRL has continued to pull back from recent highs and has breached support at 5.5477, the Dec 30 low. The pair has also cleared the 20- and 50-day EMAs this week. While the move lower is considered corrective, the break of various support levels (including a print below 5.5184, Dec 9 low) suggests scope for a deeper short-term pullback. A clear break of 5.5184 would open 5.3885 further out, the Nov 11 low. Key resistance is unchanged at 5.7563, the Dec 21 high. Initial resistance is at 5.6254, the Jan 13 high.
  • USDCLP remains in a bearish cycle. Last week’s sell-off resulted in a breach of trendline support drawn from the May 10, 2021 low. Furthermore, the 50-day EMA has been cleared and this suggests scope for a deeper pullback towards 798.65 next, Nov 22 low. For bulls, a resumption of gains would open the bull trigger at 876.15, the Dec 20 high. Initial firm resistance however is at 839.23, the 20-day EMA.
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