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Price Signal Summary: USDMXN Bearish Threat Remains Present

LATAM FX
  • USDMXN is consolidating at recent lows and the near-term outlook remains bearish. Recent weakness has resulted in a break of the 50-day EMA, reinforcing the current bearish theme. Attention is on 20.7009, 76.4% of the Nov 9 - 26 rally that remains under pressure. A clear break of this chart point would open the 20.50 handle. Key short-term resistance is unchanged at 21.3637, the Dec 15 high.
  • USDBRL conditions remain bullish despite yesterday’s pullback. Resistance at 5.7018, Dec 6 high has recently been cleared and the break refocuses attention on the top of a bull channel drawn from the Jun 25 low. The line intersects at 5.8860. There is also a key resistance handle at 5.7542, the Oct 22 high that has been probed. A clear break of this hurdle would reinforce bullish conditions. Initial firm support lies at 5.5184, Dec 9 low.
  • USDCLP gapped higher Monday to confirm a resumption of the uptrend. The break higher paves the way for a climb towards 878.86, the Mar 19 2020 high. Friday’s high of 850.67 marks an initial support and a gap low on the daily chart. Friday’s low of 836.93 marks a second support. Short-term dips are considered corrective.
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