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Price Signal Summary - USDMXN Clears Support

LATAM FX
  • The trend outlook in {MX} USDMXN is unchanged and remains bearish. Today’s break lower reinforces bearish conditions - the pair has breached support at 17.0340, the Nov 27 low. The break lower confirms a resumption of the downtrend and paves the way for weakness towards 16.6262, the Jul 28 low. Initial firm resistance is at 17.5653, the Dec 5 high.
  • {BZ} USDBRL remains inside its recent range. The trend direction is down and price action since Nov 16 is considered corrective. Note that recently, resistance at 4.9535, the Nov 10 high, was pierced. A clear break of this level would ease bearish pressure. This would expose 5.0696, the Oct 31 high. For bears, recent weakness resulted in a clear break of 4.8590 support, the Nov 7 low. The move lower confirmed a resumption of the downtrend and signals scope for an extension towards 4.8200, 76.4% of the Jul 28 - Oct 6 upleg, and the 4.8000 handle.
  • The trend outlook in {CL} USDCLP remains bearish and the recent shallow recovery is considered corrective. Key short-term support at 873.00, the Nov 3 low, has been cleared. The break of this level strengthens a bearish threat and signals scope for a deeper retracement towards 837.45, the Aug 25 low. The pair is testing resistance at 882.06, the 50-day EMA. A clear break would signal scope for a stronger correction near-term, towards 900.00 and note that key resistance is at 924.67, the Nov 13 high.
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