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Price Signal Summary - USDMXN Bears Remain In The Driver's Seat

LATAM FX
  • The USDMXN trend condition remains bearish and the pair is trading lower today. The recent break of key support at 16.7852, the Jan 8 low, confirmed a resumption of the downtrend and has opened 16.6262, the Jul 28 2023 low. On the upside, a clear reversal higher would refocus attention on 17.3860, the Jan 17 high and a bull trigger. Initial resistance is at 16.9674, the 20-day EMA.
  • USDBRL remains in a range but conditions are bullish and attention is on key resistance at 5.0017, the Jan 23 high. This level 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 latest move lower is considered corrective. The pair has breached the 20-day EMA and attention turns to support around the 50-day EMA, at 948.15. A clear break of the average would signal slope for a deeper retracement, towards 938.82, the 38.2% retracement of the Dec 1 - Feb 26 rally. Initial resistance is seen at 967.91, the 20-day EMA. The bull trigger has been defined at 990.67, the Feb 26 high.
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