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Price Signal Summary: USDMXN Consolidates At Recent Lows

LATAM FX
  • USDMXN remains in an uptrend. The current corrective pullback though is still playing out and this is allowing a recent overbought condition to unwind. Attention is on support at 20.9790, the Nov 3 high. Clearance of this support would signal scope for a deeper pullback and open the 50-day EMA at 20.7803. A resumption of strength would target the recent Nov 26 high of 21.1510 instead and a break would open 22.50.
  • The USDBRL short-term outlook remains bullish. Firm support is unchanged at 5.3885, Nov 11 low with the bull channel base intersecting at 5.4361. The channel is drawn from the Jun 25 low. Clearance of these two levels is required to suggest potential for a stronger sell-off that would expose 5.20. The focus remains on the channel top, today at 5.8278.
  • USDCLP is trading near recent highs. The move last week above 841.25, the Nov 18 high confirmed a resumption of the uptrend that has been place since early May, signalling scope for a climb towards the 850.00 handle and 878.86 further out, the Mar 19 2020 high. Key support has been defined at 798.65, the Nov 22 low.
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