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Price Signal Summary - USDMXN Bear Trend Remains Intact

LATAM FX
  • The trend outlook in USDMXN is unchanged and remains bearish. The latest move lower reinforces bearish conditions - the pair has breached support at 17.0340, the Nov 27 low. The break lower confirms a resumption of the downtrend and paves the way for weakness towards 16.6262, the Jul 28 low. Initial firm resistance is at 17.5653, the Dec 5 high.
  • The trend outlook in USDCLP remains bearish and the recent recovery is considered corrective. Initial resistance is at 902.28, the Dec 26 high. A clear break would signal scope for a stronger correction near-term, towards 900.00. Note that key resistance is at 924.67, the Nov 13 high. For bears, key short-term support at 873.00, the Nov 3 low, has recently been cleared. The break of this level strengthens a bearish threat and signals scope for a stronger retracement towards 837.45, the Aug 25 low.

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