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Free AccessPrice Signal Summary: USDMXN Is Consolidating Near Recent Lows
- 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.