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Price Signal Summary - USDMXN Gains Considered Corrective

LATAM FX
  • USDMXN maintains a softer tone and last week’s extension lower and Monday’s fresh cycle low, reinforces bearish conditions. The move down has confirmed a resumption of the bear trend and maintains the price sequence of lower lows and lower highs. The focus is on 17.0507, the Apr 29 2016 low. Firm resistance is unchanged at 18.4011, the Apr 5 high. A breach would signal a potential reversal. First resistance is at 17.8012, the 20-day EMA. Short-term gains are considered corrective.
  • The trend outlook in USDBRL remains bearish and recent weakness reinforces this theme. Key support and the bear trigger at 4.8928, the Apr 14 low, has been pierced. A clear break of this level would confirm a resumption of the bear cycle and open 4.8478, the Jun 8 2022 low. On the upside, firm resistance to watch is seen at 5.0508, the 50-day EMA.
  • USDCLP recently pierced support at 783.10, the Mar 31 low. A continuation lower and clear breach of 783.10, would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this level would confirm a resumption of the broader downtrend - the medium-term trend direction remains down. The pair has recovered from Monday’s low, a stronger bounce would refocus attention on key short-term resistance at 837.15, the Mar 17 high.
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