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Price Signal Summary: USDMXN Path Of Least Resistance Remains Down

LATAM FX
  • USDMXN traded higher earlier today but has given back most of these gains. The short-term outlook is bearish. This follows the downleg that started Nov 26, and further weakness is likely near-term. Attention is on support at 20.2517, Nov 9 low and 20.1196, Oct 26 low. The latter is a key support. On the upside, resistance is seen at 20.7442, the 50-day EMA and briefly probed earlier today. Key resistance is far off though at 21.3637, the Dec 15 high.
  • USDBRL is trading near its recent highs. The recent recovery from below the 50- and 20-day EMAs is a bullish development. Attention is on resistance at 5.7563, the Dec 21 high and bull trigger. A break would confirm a resumption of the uptrend and open 5.8064, the Mar 29 high. On the downside, a break of support at 5.5379, the bull channel base drawn from the Jun 25 low, is required to threaten the trend.
  • USDCLP remains in an uptrend however for now a corrective cycle is playing out and price continues to trend lower. Yesterday’s price action resulted in a print below trendline support at 839.58. The trendline is drawn from last year's May 10 low. Furthermore, the 50-day EMA has been tested. It intersects at 835.27. A clear break of this EMA would suggest scope for a deeper bear leg and open 818.65, the Dec 1 low. For bulls, a resumption of gains would open the bull trigger at 876.15, the Dec 20 high.
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