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Price Signal Summary: USDMXN Outlook Remains Bullish

LATAM FX
  • USDMXN outlook remains bullish and the pair is trading higher today. The rally Aug 20 resulted in a breach of 20.2502, Jul 21 high. This highlights a positive short-term theme and ends the recent 2-month broad consolidation. Attention is on 20.5027, 76.4% of the Jun 18 - 25 downleg where a breach would signal scope for stronger gains potentially towards 20.7488, Jun 18 high. Key support is at 19.8004, Jul 30 low. Initial support lies at 20.1729, Aug 25 low.
  • USDBRL is consolidating near recent lows. The pair remains vulnerable following the recent pullback from 5.4741, Aug 20 high. The next support is at 5.1644, the Aug 11 low. A break of this level would signal scope for a deeper pullback towards 5.1107, Aug 5 low. Initial resistance is at 5.3630, Aug 24 high with key resistance and the bull trigger at 5.4741.
  • USDCLP remains below recent highs. The needle still points north and the focus is on 795.73, Aug 9 high and bull trigger. Moving average studies remain in a bull mode and a bullish price sequence of higher highs and higher lows dominates. A break of 795.73 would confirm a resumption of the uptrend and open 800.00 and above. Key support lies at 768.33, Aug 12 low. Dips are considered corrective.
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