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Price Signal Summary: USDMXN Fails To Hold Onto Recent Highs

LATAM FX
  • USDMXN failed to hold onto yesterday’s high and has traded back below the 21.00 handle. A key support has been defined at 20.8421, the Dec 13 low. The recent recovery from this low means the 50-day EMA as a support, remains intact. Note too that the bullish set-up between the 20-and 50-day EMAs suggests the broader trend remains up. A break of resistance at 21.5147, Dec 1 high would strengthen a bullish theme. Weakness below the 50-day EMA, at 20.8374, would instead signal potential for a deeper pullback and open 20.7009, 76.4% of the Nov 9 - 26 rally.
  • USDBRL conditions remain bullish. Yesterday’s move higher resulted in a print above resistance at 5.7018, Dec 6 high. A clear break would refocus attention on the top of a bull channel drawn from the Jun 25 low. The line intersects at 5.8618. There is also a key resistance handle at 5.7542, the Oct 22 high. Initial firm support lies at 5.5184, Low Dec 9.
  • USDCLP is unchanged. The trend condition remains bullish. Resistance at $849.25, the Nov 30 high, has recently been breached. This maintains the bullish price sequence of higher highs and higher lows and opens the 860.00 handle and 878.86 further out, the Mar 19 2020 high. Support lies at 818.65, the Dec 1 low.
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