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LATAM FX: Price Signal Summary – USDMXN Bull Cycle Remains In Play

LATAM FX
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  • The USDMXN trend structure remains bullish. Today’s break higher has confirmed a breach of key resistance at 20.9382, the Jan 17 high, to mark a resumption of the uptrend. The move higher also highlights the end of a sideways trend that has been in place early November 2024. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. The focus is on a climb towards 21.4007 and 21.5807, the 3.00 and 3.236 projections of the Sep 18 - Oct 1 - 4 ‘24 price swing. Support at the 20-day EMA is at 20.5499. Key support has been defined at 20.1343, the Jan 24 low.    
  • The USDBRL medium-term bull cycle remains in play and the latest pullback still appears corrective. However, the 50-day EMA has been breached. This signals scope for a deeper retracement and has resulted in a print below 5.8675, the Dec 12 low. The break of this level exposes the 5.8000 handle, and 5.7231, the Nov 31 low. On the upside, a reversal would refocus attention on 6.3165, the Dec 18 high and the bull trigger. Initial resistance is at 5.9699, the 20-day EMA.   
  • A medium-term uptrend in USDCLP remains in play and recent weakness is considered corrective. The pair has pierced firm support at 987.09, the 50-day EMA. A clear break of the average would highlight potential for a deeper retracement and open 966.86, the Dec 6 low. For bulls, a resumption of gains would refocus attention on 1020.18 and 1026.48, the 1.236 and 1.382 projection points of the Nov 7 - 12 - Dec 6 price swing.
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  • The USDMXN trend structure remains bullish. Today’s break higher has confirmed a breach of key resistance at 20.9382, the Jan 17 high, to mark a resumption of the uptrend. The move higher also highlights the end of a sideways trend that has been in place early November 2024. Moving average studies are in a bull-mode position, highlighting a dominant uptrend. The focus is on a climb towards 21.4007 and 21.5807, the 3.00 and 3.236 projections of the Sep 18 - Oct 1 - 4 ‘24 price swing. Support at the 20-day EMA is at 20.5499. Key support has been defined at 20.1343, the Jan 24 low.    
  • The USDBRL medium-term bull cycle remains in play and the latest pullback still appears corrective. However, the 50-day EMA has been breached. This signals scope for a deeper retracement and has resulted in a print below 5.8675, the Dec 12 low. The break of this level exposes the 5.8000 handle, and 5.7231, the Nov 31 low. On the upside, a reversal would refocus attention on 6.3165, the Dec 18 high and the bull trigger. Initial resistance is at 5.9699, the 20-day EMA.   
  • A medium-term uptrend in USDCLP remains in play and recent weakness is considered corrective. The pair has pierced firm support at 987.09, the 50-day EMA. A clear break of the average would highlight potential for a deeper retracement and open 966.86, the Dec 6 low. For bulls, a resumption of gains would refocus attention on 1020.18 and 1026.48, the 1.236 and 1.382 projection points of the Nov 7 - 12 - Dec 6 price swing.