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Price Signal Summary: USDMXN Clears Resistance

LATAM FX
  • USDMXN is on the move again and has rallied higher today. The pair has cleared former resistance at 20.9790, Nov 3 high. The break of this hurdle confirms a resumption of the uptrend and signals potential for continued gains above the 21.00 handle towards 21.2851 next, the Mar 10 high. Yesterday's low of 20.8162 marks initial support.
  • USDBRL maintains a firmer short-term tone. A firm support has been defined at 5.3885, Nov 11 low and the bull channel base intersects at 5.3877 today. The channel base, drawn from the Jun 25 low, represents a key support. A break is required to suggest potential for a stronger move lower. This would expose the 5.20 handle. Resistance at 5.6068, Nov 5 high has been breached and this strengthens short-term bullish conditions plus signals scope for a climb towards the channel top at 5.7794.
  • Recent price action in USDCLP has defined key directional triggers at 841.25, the Nov 18 high and 788.22, the Nov 10 low. Clearance of support would set the scene for weakness towards 762.13, Sep 1 low while a breach of resistance at 842.25 would instead open 850.00 and further out 878.86, the Mar 19, 2020 high.
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