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Price Signal Summary - USDMXN Key Support Remains Exposed

LATAM FX
  • USDMXN continues to trade just above key support at 17.8981, the Mar 9 low. The outlook is bearish and a break of 17.8981 would reinforce this theme. A clear break lower would open 17.5746, the Aug 25 2017 low. Initial firm resistance is at 18.4011, the Apr 5 high. A breach would highlight a potential reversal.
  • Despite the recent short-term recovery, the trend outlook in USDBRL remains bearish. The pair on Apr 12 cleared a 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 would open 4.8478, the Jun 8 2022 low. On the upside, the next firm resistance is seen at 5.1016, the 50-day EMA. A clear break of this average would alter the picture.
  • USDCLP remains above 783.10, the Mar 31 low. A stronger 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 is unchanged and lies at 776.28, the Feb 3 low.
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