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Price Signal Summary - USDMXN Bearish Retracement Extends t

LATAM FX
  • USDMXN continues to trade at its recent lows and has moved lower today. The current bear cycle still appears to be a correction and trend conditions remain bullish - for now. The pair recently traded through an important resistance at 17.4280, the Aug 4 high. The daily close above 17.4280 confirmed a double bottom reversal pattern on the daily chart. If correct, this signals scope for a climb towards 17.9292 next - 50.0% of the Mar 20 - Jul 28 downleg. On the downside, the pair has traded through support at the 50-day EMA. A continuation lower would instead signal scope for a deeper pullback. Major support lies at 16.6262, the Jul 28 low. The next support to watch is 16.9728.
  • USDBRL is unchanged and maintains a softer short-term tone. Despite the recent move lower, a bull cycle remains in play and the key pivot support to watch is 4.8416, the Aug 10 low. A clear break of this level would threaten the bullish theme and expose key support at 4.6964, the Jul 28 low. The bull trigger is 5.0016, the Aug 18 high, a break of this level would confirm a resumption of the uptrend and open 5.1277, the May 31 high.
  • USDCLP maintains a bullish tone following recent gains. A key resistance at 872.75, the Aug 18 high, was cleared earlier this month. The break confirms a resumption of the uptrend and opens $912.67, the 61.8% retracement of the Sep ‘22 - Feb ‘23 bear leg. Key support is at the 50-day EMA - at 853.75. The 20-day EMA lies at 872.95.
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