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Price Signal Summary: USDMXN Bounces Off Yesterday’s Low

LATAM FX
  • USDMXN has rebounded from yesterday’s low of 20.1577. At this stage, short-term gains are considered corrective with trend conditions still highlighting a downtrend. Resistance levels to watch are:
    • 20.7893, Feb 4 high and
    • 20.9141, Jan 28 high. This level is a key resistance and a break is required to highlight a potential reversal.
    • On the downside, clearance of 20.1577 would confirm a resumption of the downtrend open 20.1196, Oct 26 low ahead of the 20.00 handle.
  • USDBRL maintains a bearish stance and corrections remain shallow. A bearish theme follows the recent clear break of support at 5.3885, Nov 11 low that highlighted a range breakout and confirmed a resumption of the bear cycle that started Dec 21. Attention is on a clear break of the 5.00 handle to open 4.8934, the Jun 25, 2021 low. On the upside, resistance is seen at 5.2209, the 20-day EMA.
  • USDCLP has recovered from yesterday’s low of 783.51, the Feb 23 low. Trend conditions remain bearish and short-term gains at this stage are considered corrective. The 50-day EMA at 815.16 offers a firm resistance area ahead of 832.75, the Feb 7 high. The bear trigger is 783.51. A break would open 783.23, the 50.0% retracement of the May - Dec 2021 upleg ahead of the 780.00 handle initially.
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