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Price Signal Summary: USDMXN Is Approaching An Important Short-Term Support

LATAM FX
  • USDMXN remains in an uptrend however the current corrective pullback is still in play. This is allowing a recent overbought condition to unwind and attention is on support at 20.9790, the Nov 3 high. A break of this level would signal scope for a deeper pullback with the 50-day EMA at 20.7199. A resumption of strength would target the recent Nov 26 high of 21.1510 and a break would open 22.50.
  • USDBRL traded higher yesterday but has failed to follow through and has returned into its recent range. The short-term outlook remains bullish though. Firm support lies at 5.3885, Nov 11 low and the bull channel base intersects at 5.4216. The channel is drawn from the Jun 25 low. Clearance of these levels would suggest potential for a stronger sell-off and expose 5.20. On the upside, a resumption of strength would open the channel top at 5.8133.
  • USDCLP has traded above 841.25 this week, Nov 18 high. This confirms a resumption of the uptrend from early May and opens the 850.00 handle. With all major retracements cleared, there’s also scope for a climb to 878.86 further out, the Mar 19 2020 high. Key support has been defined at 798.65, the Nov 22 low.
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