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Price Signal Summary - USDMXN Break Lower Highlights A Double Top

LATAM FX
  • USDMXN traded sharply lower Wednesday and is again soft today. This week’s bearish price action has resulted in a break of key short-term support at 17.7548, the Oct 12 low. It highlights the potential for a stronger corrective pullback and also confirms a double top on the daily chart. The break lower opens 17.3498 next, the Sep 29 low. Initial resistance is at 18.0800, Wednesday’s high.
  • The USDCLP uptrend remains intact, however, a corrective cycle remains in play and this has resulted in an extension lower this week. The pair has traded below both the 20- and 50-day EMAs. This signals scope for a deeper pullback and exposes 878.00 next, the Sep 20 low and a key support. On the upside, key resistance and the bull trigger is at 955.00, the Oct 16 high. Initial resistance is at 918.55, the 20-day EMA.
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