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Price Signal Summary: USDMXN Attention Is On Resistance At 20.6378

LATAM FX
  • USDMXN is firmer but is still trading below 20.6378, the Apr 28 high. Attention has been on the potential for a stronger recovery, and the recent bounce is encouraging for bulls. 20.6378 is the key short-term resistance and bull trigger. A break would set the scene for a climb towards 20.8028, 61.8% of the downleg between Mar 8 - Apr 4. A resumption of bearish activity would instead expose key support at 19.7274, Apr 4 low.
  • USDBRL gapped higher at Monday’s open and in the process, confirmed a break of resistance at 5.0920. The pair is holding on to recent gains. The break to fresh short-term highs, confirms a resumption of the uptrend that started Apr 5. The focus is on 5.2190, the Mar 2 high. On the downside, firm short-term support is seen at 4.8597.
  • USDCLP maintains a firmer tone and is holding on to the bulk of its recent gains. The recent rally resulted in a break of resistance at 823.72, Apr 11 high, and this confirmed an extension of the current bull cycle that started Mar 29.The 860.00 handle has been cleared, this opens 876.15, the Dec 20 high. Initial support lies at 843.62, the 20-day EMA.
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