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Price Signal Summary - USDMXN Bear Leg Extends

LATAM FX
  • USDMXN is trading lower today as it maintains this week’s bearish phase. The 17.00 handle has been cleared and a continuation lower would signal scope for a move towards the key support at 16.7852, the Jan 8 low. A break of this level would resume the downtrend. On the upside, a resumption of gains would refocus attention on 17.3860, the Jan 17 high and a bull trigger. A break of this level is required to reinstate a bullish theme and open 17.5653, the Dec 5 high.
  • USDBRL conditions remain bullish and the latest pullback is considered corrective. Attention is on key resistance at 5.0017, the Jan 23 high. It has recently been pierced. A clear break of this hurdle would open 5.0609, 61.8% of the Oct 6 - Dec 27 bear leg. Initial key support to watch lies at 4.9025, the Jan 26 low. A break would be bearish.
  • USDCLP trend conditions remain bullish and the recent fresh cycle highs reinforce current conditions and confirm a resumption of the medium-term uptrend. The latest pullback appears to have been a correction. Sights are 996.97, the Sep 2022 high and the psychological 1000.00 handle. Initial firm support lies at 966.79, the 20-day EMA. It has been pierced, a clear break would signal scope for a deeper retracement, perhaps towards the 50-day EMA at 943.22.
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