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Price Signal Summary - USDMXN Correction Remains In Play

LATAM FX
  • USDMXN remains soft. The recent retracement is still considered corrective and the next support to watch lies at 18.2397, the Mar 13 low. A break of this level would undermine the recent bullish theme and instead expose support at 17.8981, the Mar 9 low and a key short-term support. Key resistance and the bull trigger has been defined at 19.2322, the Mar 20 high. A breach would reinstate a bullish condition.
  • USDBRL short-term conditions remain bullish despite the pullback from Friday’s high of 5.3409. Resistance at 5.3073, the Feb 10 high and a key hurdle for bulls, has been breached. This opens 5.3518 next, the 76.4% retracement of the Jan 4 - Feb 2 bear leg, ahead of the 5.4000 handle. Key support to watch lies at 5.1012, the Mar 8 low. A break of this level would instead signal scope for a return to 4.9410, the Feb 2 low. Initial firm support lies at 5.2038, the Mar 23 low.
  • USDCLP is unchanged and remains above initial support at the Mar 7 low of 789.00. Key short-term resistance is at 836.45, the Feb 27 high. This hurdle has recently been pierced, a clear break would reinstate a bullish theme and highlight scope for a stronger recovery. This would open 850.00 and 860.58, the 38.2% retracement of the Sep 26 - Feb 3 bear leg. A break of 776.28, the Feb 3 low, would instead resume the medium-term downtrend.
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