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Price Signal Summary: USDMXN Is Consolidating Near Recent Lows

LATAM FX
  • The USDMXN is consolidating near its recent lows. The short-term outlook remains bearish. This follows the sell-off that started Nov 26 and attention is on support at 20.2517, Nov 9 low and 20.1196, Oct 26 low and a key support. On the upside, resistance is seen at 20.7080, the 50-day EMA. The average was briefly probed last Thursday. A clear break is required to suggest scope for a stronger recovery. Key resistance is far off though at 21.3637, the Dec 15 high.
  • USDBRL trend conditions remain bullish. The recent recovery from below the 50- and 20-day EMAs is a bullish development and attention remains on resistance at 5.7563, the Dec 21 high and bull trigger. Clearance of this level would confirm a resumption of the uptrend and open 5.8064, the Mar 29 high. On the downside, a clear break of support at 5.5524, the bull channel base drawn from the Jun 25 low, is required to threaten the trend.
  • USDCLP remains in a bearish corrective cycle. Last week’s sell-off resulted in a breach of trendline support drawn from last year's May 10 low. Furthermore, the 50-day EMA has been cleared. This suggests scope for a deeper pullback and opens 818.65, the Dec 1 low. For bulls, a resumption of gains would open the bull trigger at 876.15, the Dec 20 high. Initial firm resistance is at 856.64, the Jan 4 high.
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