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Price Signal Summary - USDMXN Key Support Remains Exposed

LATAM FX
  • USDMXN is consolidating and continues to trade closer to its recent lows. The trend outlook is bearish and attention is on the next key support at 17.8981, the Mar 9 low. A breach of this level would open 17.5746, the Aug 25 2017 low. Key resistance and the bull trigger has been defined at 19.2322. Initial firm resistance is at 18.4011, the Apr 5 high.
  • USDBRL has recovered from its recent lows. Despite these short-term gains, the trend outlook remains bearish. The pair traded lower last week resulting in a break of key support at 4.9410, the Feb 2 low. This confirmed a resumption of the broader bear cycle that started Nov 17 last year. The move lower opens 4.8889, 76.4% of the May - Nov 2022 bull phase. A break of this level would open 4.8478, the Jun 8 2022 low. The next firm resistance is seen at 5.1227, the 20-day EMA.
  • In late March, USDCLP briefly traded below $789.00, the Mar 7 low, before finding support at 783.10, on Mar 31 and the low that day. A resumption of gains would refocus attention on key short-term resistance at 837.15, the Mar 17 high. A break of this level would be a bullish development. On the downside, the key bear trigger lies at 776.28, the Feb 3 low.
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