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Price Signal Summary: USDMXN Bears Still In Charge

LATAM FX
  • USDMXN is trading lower today and has delivered a fresh cycle low. The trend remains down and today’s resumption of the downtrend, together with the recent break of 20.00, reinforces this condition. The focus is on 19.8486, the Sep 13, 2021 low. Resistance to watch is at 20.4125, the 20-day EMA.
  • USDBRL remains bearish and traded to a fresh cycle low yesterday. Last week’s key technical development was the break of 4.8187, Jun 2020 low and the base of the broad range that has dominated since the price peak in May 2020. The break of this support reinforces the current bearish theme and from a medium-term perspective, suggests a significant reversal. The next objective is 4.6451, the Mar 13 2020 low. The 20-day EMA at 4.9571 marks resistance.
  • USDCLP has recovered from yesterday’s low of 771.89. The trend is bearish and short-term gains are considered corrective. The pair traded lower Friday and importantly, breached support at 783.51, the Feb 23 low and the bear trigger. The break lower confirms a resumption of the primary downtrend and an extension of the bearish price sequence of lower lows and lower highs. Moving average studies continue to point south as well, highlighting the current trend direction. Initial resistance is seen at 804.49, the 50-day EMA. A resumption of weakness would open 761.31, 61.8% of the rally between May - Dec 2021.
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