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Price Signal Summary: USDMXN Focus Is On Support

LATAM FX
  • USDMXN is trading near this week's lows. Activity since Jun 25 still appears corrective in nature and this is in line with a bearish theme that still dominates. Attention is on 19.7059, Jun 25 low and 19.5987, the Jun 9 low. The next firm resistance is at 20.3504, 61.8% of the recent Jun 18 - 25 downleg.
  • USDBRL has probed support at 5.0550, Jul 15 low. A clear break would signal scope for a deeper short-term pullback and expose 5.00 plus the Jun 25 low of 4.8934. The latter is a key support. For bulls, the trigger for a resumption of gains is 5.3130, the Jul 8 high.
  • USDCLP traded higher Wednesday but did stall at the session high and is correcting lower. The outlook is bullish. Recent highs confirm a resumption of the underlying uptrend and maintain the bullish price sequence of higher highs and higher lows. The focus is on 777.00, the Nov 24, 2020 high. Support is at 747.63, Jul 22 low.
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