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Price Signal Summary: USDMXN Needle Points North

LATAM FX
  • USDMXN maintains a bullish tone and the pair traded higher yesterday. Attention is on resistance at 20.7014, the Jun 16 high that was breached for a brief period yesterday. It is an important short-term hurdle and a clear break would strengthen bullish conditions. This would pave the way for strength towards 20.8032, the 0.764 projection of the May 30 - Jun 16 - 27 price swing. Further out, there is scope for the 21.00 handle too. On the downside, key short-term support has been defined at 19.8193, the Jun 27 low. The 20-day EMA, at 20.1806, offers initial support.
  • USDBRL traded to a fresh trend high once again yesterday, above 5.4000. Conditions remain bullish and this is also supported by a positive set-up in moving average studies. The focus is on 5.4795 next, 76.4% of the Dec ‘21 - Apr downleg. On the downside, initial support is seen at 5.1977, the 20-day EMA.
  • USDCLP maintains a bullish theme following recent strong impulsive gains. The latest bull phase has resulted in a break of the major hurdle for bulls at 878.86, the Mar 19 2020 high. This signals scope for a continuation higher and sights are on the 1000.00 psychological handle. Initial firm support is at 904.25, the 20-day EMA.
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