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Price Signal Summary - USDMXN Gains Considered Corrective

LATAM FX
  • USDMXN has found some support, however, the recovery - for now - appears to be a correction. The outlook remains bearish following recent weakness and the reversal from 19.2322, the Mar 20 high. Price has pierced the 18.00 handle and this has exposed the next key support at 17.8981, the Mar 9 low. A breach of this level would open 17.5746, the Aug 25 2017 low. Key resistance and the bull trigger has been defined at 19.2322. Initial firm resistance is at 18.7976, the Mar 24 high.
  • {BZ} USDBRL is trading at its recent lows and short-term conditions remain bearish. The recent move lower resulted in a break of 5.1012, the Mar 8 low and a key support. The break strengthens the current bearish theme and signals scope for a move towards 5.00 and 4.9410, the Feb 2 low. Initial firm resistance is seen at 5.1816, the 50-day EMA.
  • Recently, {CL} USDCLP briefly traded below support at $789.00, the Mar 7 low, before finding support at 783.10, the Mar 31 low. A continuation higher would once again refocus attention on key short-term resistance at 837.15, the Mar 17 high. A break of this level would be bullish. On the downside, the key bear trigger lies at 776.28, the Feb 3 low.
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