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Price Signal Summary: USDMXN Bulls Eyeing Key Resistance

LATAM FX
  • USDMXN rallied to a high of 20.7288 Friday before finding resistance and the pair remains below this high. The outlook is bullish though and a short-term pullback is considered corrective. Initial firm support is at 20.2128, the 20-day EMA. A resumption of gains would refocus attention on the key resistance at 20.7488, Jun 18 high.
  • The USDBRL uptrend remains intact and is trading near recent highs. The pair traded to 5.4759 on Sep 30, probing resistance at 5.4741, Aug 20 high. A clear break of 5.4741 would confirm a resumption of the uptrend that started Jun 25 and open 5.4946, 61.8% of the Mar - Jun downleg. Further out, a break above 5.50 would signal scope for a climb towards 5.6428 further out, the 76.4% retracement. Key short-term support has been defined at 5.1163, Aug 31 low. Initial support is at 5.2765, the 50-day EMA.
  • USDCLP bull trend remains firmly intact. The pair has recently cleared former key resistance at 795.73, Aug 9 high. This confirmed a resumption of the uptrend with a bullish price sequence of higher highs and higher lows intact. The focus is on 825.13, Jun 19 high. Firm short-term support lies at 793.30, the 20-day EMA.
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