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Price Signal Summary - USDMXN Heads South

LATAM FX
  • USDMXN is trading lower today and in the process has breached support at 16.6946, the Jul 18 low. This confirms a resumption of the downstrend and maintains the bearish price sequence of lower lows and lower highs. Note that moving average studies are in a bear mode position highlighting a clear downtrend. The break lower opens 16.4472, the 2.0 projection of the Jun 2 - Mar 9 - Mar 20 price swing. Resistance to watch is the 50-day EMA, which intersects at 17.1936.
  • USDBRL remains in a downtrend and this week’s move lower confirmed a resumption of the medium-term bear cycle. Support at 4.7513, the Jun 22 low, has been cleared and the pair is trading lower today. This opens 4.6910 next, the May 30 2022 low. Clearance of this level would open 4.6090, the Apr 20 2022 low. Key resistance is at 4.8571, the 50-day EMA. Initial resistance is at 4.7969, the 20-day EMA.
  • USDCLP maintains a short-term bullish tone following recent gains. The pair on Jul 11, traded through resistance at 815.47, the May 25 high. The clear break of this level signals scope for a climb towards 837.15, the Mar 17 high and a key resistance. Initial key support has been defined at 803.20, the Jul 20 low. A break of this level would be a bearish development.
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