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Price Signal Summary - USDMXN Gains Considered Corrective - For Now

LATAM FX
  • USDMXN traded higher Thursday breaching both the 20- and 50-day EMAs. For now, the rally is considered corrective and the recent bearish theme remains intact. The pair would need to trade above 18.0800, the Nov 1 high, to strengthen a bullish case and this would expose key resistance at 18.4863, the Oct 6 high. On the downside, a move below 17.2833, the Nov 3 low, would resume the bear leg and open 16.9988, the Sep 20 low.
  • USDBRL maintains a softer tone following recent weakness and short-term gains are considered corrective. Trendline support was breached on Nov 3 - the trendline is drawn from the Jul 28 low and the break confirms a resumption of the downtrend that started Oct 6. Note too that this also cancels a recent bullish theme. Sights are on 4.8408 next, the Sep 19 low and the 4.8000 handle. Initial firm resistance is at 5.0696, the Oct 31 high.
  • The USDCLP uptrend remains intact. Key short-term support has been defined at 873.00, the Nov 3 low. An extension of this week’s gains would signal scope for a climb towards key resistance and the bull trigger at 955.00, the Oct 16 high. On the downside, a reversal and a break of 873.0, would instead highlight a stronger reversal.
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