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Price Signal Summary - USDMXN Bear Leg Extends

LATAM FX
  • USDMXN remains soft and the pair is trading lower again today. Support at 18.2397, the Mar 13 low, has been breached. The break signals scope for an extension lower towards 17.8981, the Mar 9 low and a key short-term support. Key resistance and the bull trigger has been defined at 19.2322, the Mar 20 high. Initial firm resistance is at 18.7976, the Mar 24 high.
  • USDBRL has failed to hold on to its recent high of 5.3409, on Mar 24. Price is trading below both the 20- and 50-day EMAs and a continuation lower would open 5.1012, the Mar 8 low and the next key support. On the upside, a break of 5.3409 would reinstate the recent bullish theme and open 5.3518, the 76.4% retracement of the Jan 4 - Feb 2 bear leg, ahead of the 5.4000 handle.
  • USDCLP is trading lower but remains above initial support at the Mar 7 low of 789.00 - for now. Key short-term resistance is at 836.45, the Feb 27 high. This hurdle has recently been pierced, a clear break would reinstate a bullish theme and highlight scope for a stronger recovery. This would open 850.00 and 860.58, the 38.2% retracement of the Sep 26 - Feb 3 bear leg. On the downside, a break of 776.28, the Feb 3 low, would instead resume the medium-term downtrend.
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