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Price Signal Summary: USDMXN Heads South

LATAM FX
  • USDMXN is trading lower again today and the sell-off has strengthened bearish conditions. The pair has cleared support at 20.2080, the Jul 29 low. The clear break has resulted in a print below the 20.00 handle. This opens 19.8193 next, the Jun 27 low. Key short-term resistance has been defined at 20.8335, the Aug 3 high. Initial resistance is at 20.5004, the Aug 4 high.
  • USDBRL started the week on a softer note trading lower Monday and below 5.1298, the Aug 1 low. The pair is weaker once again today. The clear break of 5.1298, highlights potential for a deeper pullback and has opened 5.0055, the 61.8% retracement of the May 30 - Jul 21 upleg. On the upside, initial key resistance has been defined at 5.3157, the Aug 3 high. A break would reinstate a bullish focus and attention would turn to 5.5142, the Jul 21 high and a bull trigger.
  • USDCLP continues to trade closer to its recent lows. A resumption of weakness and a break of 884.75, Aug 1 low, would confirm a continuation of the current bear leg and open 853.40, the Jun 15 low. Initial firm resistance has been defined at 970.08, the Jul 22 high. A breach is required to reinstate a bullish theme.
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