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Price Signal Summary: USDMXN Approaches Resistance

LATAM FX
  • USDMXN maintains this week’s firmer tone. Short-term gains are still considered corrective although a break of resistance at 20.9141, Jan 28 high, would instead suggest scope for a stronger recovery. This would open 21.1563, 50.0% of the downleg between Nov 26 - Feb 23. On the downside, clearance of 20.1577 would confirm a resumption of the downtrend and open 20.1196, Oct 26 low ahead of the 20.00 handle.
  • USDBRL trend conditions remain bearish following the clear directional move down in January and February. The break of 5.3885, Nov 11 low, in late January, also highlighted a bearish technical development. Wednesday’s attempt to break the 20-day EMA failed and the reversal lower reinforces current trend conditions, signalling the end of the recent corrective bounce. Scope is seen for weakness towards 4.8934, the Jun 25, 2021 low. Resistance is at 5.21sterday’s high.
  • USDCLP continues to consolidate. The pair rallied higher on Feb 24 having bounced off 783.51, Feb 23 low. Price has pulled back though. Trend conditions remain bearish and short-term gains at this stage are considered corrective. The 50-day EMA at 812.89 has recently been probed but still offers a firm resistance area ahead of 832.75, the Feb 7 high. The bear trigger is 783.51. A break would open 783.23, the 50.0% retracement of the May - Dec 2021 upleg ahead of the 780.00 handle initially.
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