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Price Signal Summary: USDMXN Heads Lower

LATAM FX
  • USDMXN maintains a softer short-term tone following the past week's move lower and is down once again today. Weakness this week has eroded recent bullish conditions and instead highlights a bearish risk. Further downside would expose 19.8004, Jul 30 low. Clearance of this support would expose 19.7059, Jun 25 low and 19.5987, Jun 9 low and a key support. Key short-term resistance is at 20.4564, Aug 20 high.
  • USDBRL continues to consolidate. The pair remains vulnerable following the recent pullback from 5.4741, Aug 20 high. Support at 5.1644, Aug 11 low has been cleared, signalling scope for a deeper pullback towards 5.1107, Aug 5 low and 5.0416, the Jul 29 low. Initial resistance is at 5.2703, Aug 25 high with key resistance and the bull trigger at 5.4741, Aug 20 high.
  • USDCLP on Wednesday cleared support at $768.33, Aug 12 low. The pair has also tested its 50-day EMA at 765.14 where a clear break, if seen, would signal potential for a deeper retracement towards 753.10, the Aug 2 low. Resistance is at 7.8750, Aug 27 high.
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